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Overview

Citic Ka Wah Bank contributes $16 million to $250 million syndicated revolver loan for ICTSI Capital in Dec. 2007 for refinancing, acquisition, and working capital purposes (Linked to Record ID#98693)

Commitments (Constant USD, 2023)$26,585,033
Commitment Year•2007Country of Activity•PhilippinesDirect Recipient Country of Incorporation•NetherlandsOverseas Jurisdiction•Hong Kong (China)Sector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 5, 2007
Last repayment (originally scheduled)
Dec 4, 2010

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

  • China CITIC Bank International Limited (formerly CITIC Ka Wah Bank)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Cathay United Bank
  • Citibank International plc
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DNB Bank ASA (formerly DnB NOR ASA)
  • First Commercial Bank Limited
  • HSBC Bank PLC
  • Malayan Banking Berhad (Maybank)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Trust Bank, Limited (SMTB)
  • Taiwan Business Bank (TBB)
  • The Shanghai Commercial & Savings Bank, Ltd. (SCSB)

State-owned Banks

  • PT Bank Negara Indonesia (Persero)

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • ICTSI Capital B.V.

Guarantors

Private Sector

  • International Container Terminal Services, Inc. (ICTSI)

Loan description

BOC and China CITIC bank contribution to $250 million syndicated revolver loan for ICTSI Capital for refinancing, acquisition, and working capital purposes in 2007

Grant element•5.374%Interest rate (t₀)•5.70375%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On December 5, 2007 ICTSI Capital BV signed an agreement for a $250 million USD syndicated revolver loan (line of credit). ICTSI Capital BV is a Netherlands-incorporated special purpose vehicle and wholly owned subsidiary of the Philippines' International Container Terminal Services (ICTSI). This project captures a USD $16 million contribution by Citic Ka Wah Bank. Other financiers of the loan included Calyon, BOC (see Record ID#98693), Citi and HSBC as original mandated leads contributing $17 million each. ANZ, First Commercial Bank, Mega International Commercial Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp, each contributed $16 million. DnB Nor Bank and Sumitomo Mitsui Trust & Banking provided $14.5 million each. Bank Negara Indonesia, Bank of Tokyo Mitsubishi UFJ, Maybank and Societe Generale each put up $10 million. Cathay United Bank, Chinatrust Commercial Bank and Taiwan Business Bank all contributed $5 million. Shanghai Commercial & Savings Bank gave $3 million. This loan carried a maturity period of three-year and an interest rate of LIBOR plus 80 basis points. ICTSI issued a guarantee for this loan. Proceeds were to be used to refinance various loans, fund new acquisitions, and finance the group's general working capital requirements.

Staff comments

1. To get the interest rate AidData takes the average 6 month LIBOR from December 2007 (4.825%) and combines it with the contracted 80 basis points (0.8%) to get a rate of 5.625%.