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Overview

Bank of China contributes USD $35 million to $465 million syndicated loan to Hindustan Petroleum Corporation for refinancing purposes

Commitments (Constant USD, 2023)$38,175,255
Commitment Year•2016Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2016
Last repayment
Jan 29, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • DBS Bank Ltd.
  • DZ Bank AG
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • United Overseas Bank Limited (UOB)

Receiving agencies

State-owned companies

  • Hindustan Petroleum Corporation Limited (HPCL)

Loan desecription

Bank of China contribution to USD 465 million syndicated loan to Hindustan Petroleum Corporation for refinancing purposes

Grant element•6.5865%Interest rate (t₀)•1.55415%Interest type•Variable Interest RateMaturity•1.75 years

Narrative

Full Description

Project narrative

In May 2016, Bank of China contributed to a $465 million USD syndicated loan to Hindustan Petroleum Corporation (HPCL), an Indian state-owned company. This loan carried a maturity period of 21 months and an interest rate of USD LIBOR plus a margin of 65 basis points and an average life of 1.5 years. Proceeds were to be used by refinance a five-year $465 million USD facility signed in September 2011. Bank of China joined in general syndication and contributed $35 million USD. DZ Bank contributed $20 million. Lead banks Bank of Tokyo-Mitsubishi UFJ, DBS, Mizuho, Sumitomo Mitsui Banking Corp and United Overseas Bank contributed but their contributions are unknown.