Nanyang Commercial Bank contributes to $250 million syndicated loan for Parkson Retail for refinancing and working capital purposes (Linked to Record ID#98238, #98777 and #98779)

Project narrative

In November 2010, Bank of China (BOC), Bank of Communications (BoComm), Nanyang Commercial Bank and Tai Fung Bank contributed to a $250 million syndicated loan for Parkson Retail, a Malaysian department store company. The syndicate has a total of 22 lenders. The original mandated lead arrangers of this loan include CIMB, DBS, JP Morgan, Natixis and Standard Chartered. Each of these arrangers committed USD $20 million. Six other banks joined the syndicate as mandated lead arrangers. These banks include BOC, Maybank, BoComm, Nanyang Commercial Bank, OCBC, and Tai Fung Bank. Each of these banks committed between USD $10 million and USD $20 million. Three banks - Bank of Taiwan, Cathay United Bank and Fubon Bank, later joined as lead arrangers. Their contributions are unknown. Six other banks, including Bangkok Bank, Chang Hwa Bank, Chinatrust Commercial Bank, First Commercial Bank, Taiwan Business Bank, and Taiwan Cooperative Bank, also joined the syndicate as arrangers. Their contributions are unknown. Finally, Sinopac and Industrial Bank of Taiwan joined as senior managers and their contributions are also unknown. The USD $250 million loan has an interest rate of LIBOR plus 215 basis points and a three-year maturity period. The original loan was USD $200 million but Parkson Retail increased the deal to $250 million to accommodate express demands. The loan proceeds will be used to pre-pay $125 million of senior notes maturing in 2012 and for working capital purposes. Bank of China's contribution is captured in Record ID#98238. Bank of Communication's contribution is captured in Record ID#98777. Tai Fung Bank's contribution is captured in Record ID#98779.