ICBC contributes to $400 million USD bullet loan for Maybank in April 2016 (Linked to Project ID#98660)

In April 2016, Malaysia’s Maybank launched a $400 million USD bullet loan into general syndication. Bank of China and ICBC committed as mandated lead arrangers and bookrunners ahead of general syndication. The loan carried a maturity period of five years and an interest rate of 1.853% (average 6-month LIBOR + a margin of 95 basis points). Loan proceeds were to be used for working capital, general banking, and other corporate purposes. Other mandated lead arrangers in the syndicate included Oversea-Chinese Banking Corp, Australia and New Zealand Bank, BNP Paribas, Maybank Kim Eng and Standard Chartered. All of these lenders joined prior to syndication launch. The deadline for other commitments was May 9, 2016 and allocations were slated to be assigned in the week of May 16, 2016. Confirmation of later commitments is unavailable. MLAs committing $50 million or more earn a 70bp fee for an all-in of 109.7bp, lead arrangers committing $30 million to less than $50 million earn 60bp for an all-in of 107.6bp and arrangers committing $10 million to less than $30 million earn 50bp for 105.5bp all-in. Bank of China's contribution to this loan is captured in Project #98660.

Additional details

1. Each lender has not been confirmed and while the deadline for other commitments has passed, and confirmation of any other commitments is unavailable, there is still a chance that other banks joined syndication. Therefore, AidData has not coded a transaction amount due to the fact that equal contribution assumptions cannot be made without confirmation of the total number of lenders. 2. This loan carried a 1.853% interest rate (AidData calculated the interest rate as follows: 0.903% [average 6-month LIBOR in April 2016] + 0.95% [95 basis points] = 1.853%).

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