Singapore Branch of Shanghai Pudong Development Bank contributes to €593 million EUR tranche of $740 million USD-equivalent dual-currency loan to Trans Retail Indonesia in 2020 (Linked to Project ID#98654, Project ID#66265, Project ID#98657 and Project ID#98675)

In January 2020, Trans Retail Indonesia signed a $740 million USD equivalent dual-currency syndicated loan. Trans Retail is the retail arm of CT Corp, whose businesses also include media, finance and natural resources. The loan was divided into a €593 million EUR five year tranche and a $90 million USD five year tranche, although the $90 million USD tranche was not syndicated with only the 10 mandated lead arrangers and bookrunners (including SPDB) contributing to it. The euro tranche carried a margin of EURIBOR plus a margin of 275 basis points. The Singapore Branch of Shanghai Pudong Development Bank contributed €19,766,666.70 to the EUR tranche. The loan was launched into syndication in February 2020. Mandated lead arrangers and bookrunners included Bank BTPN, BNP Paribas, CTBC Bank, DBS, Deutsche Bank Singapore Branch, First Abu Dhabi Bank Singapore branch, Maybank, Rabobank Singapore branch, Standard Chartered, Sumitomo Mitsui Banking Corp Singapore branch and Taishin International Bank Singapore branch. Mandated lead arrangers included Mega International Commercial Bank’s offshore banking unit (OBU) and Shanghai Pudong Development Bank Singapore branch. Lead arrangers included Bank of East Asia Singapore branch and China Minsheng Banking Corp Hong Kong branch. Arrangers included Bank Sinopac, Cathay United Bank Labuan branch, Chang Hwa Bank OBU, Hua Nan Commercial Bank OBU and Singapore branch, KEB Hana Bank Singapore branch, Land Bank of Taiwan Singapore branch, Taichung Commercial Bank Co Labuan branch, Taiwan Business Bank OBU, Taiwan Cooperative Bank OBU and Yuanta Commercial Bank. Lead managers included Bank of Kaohsiung OBU, Bank of Panhsin, China Citic Bank International Singapore branch and First Commercial Bank OBU. Nine previous lenders to Trans Retail, including ICBC and BOC, did not participate in this loan. The proceeds of this loan were used to refinance a $575 million USD syndicated loan from 2017. This original loan is captured in Project ID#66265 and Project ID#98654. China Citibank's contribution is captured in Project ID#98657. Details on the USD-denominated tranche are captured in Project ID#98675. Loan proceeds were also used to support Trans Retail’s company expansion.

Additional details

1. Because lenders all contributed an unknown amount to this syndicated loan, AidData assumes each lender made an equal contribution. The total value of the EUR tranche of the loan is €593 million EUR, with each lender contributing an estimated €19,766,666.70 (€593,000,000.00 / 30 known contributors = €19,766,666.70). 2. This loan carried a 2.42% interest rate (AidData calculated the interest rate as follows: - 0.330% [average 6-month EURIBOR in January 2020] + 2.75% [275 basis points] = 2.42%).

Number of official sources

0

Number of total sources

3