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Overview

Bank of China contributes $30 million SGD to the $190 million SGD tranche of a $226.5 million SGD syndicated loan to Shenton Singapore Holdings to finance the acquisition of the Lippo Centre building

Commitments (Constant USD, 2023)$33,079,164
Commitment Year•2007Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2007
Start (actual)
Sep 1, 2007
End (actual)
Sep 1, 2007
Last repayment (originally scheduled)
Mar 31, 2010

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • DZ Bank AG
  • Great Eastern Life Assurance Co. Ltd

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Shenton Singapore Holdings Pte. Ltd.

Loan description

Bank of China contributions to SGD 190 million 2007 tranche of SGD 226.5 million syndicated loan facility for acquisition of Lippo Centre with Shenton Singapore Holdings

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In April 2007, financial close was reached on a deal in which a syndicate of four banks — including the Bank of China (BOC) — entered into a $226.5 million SGD dual-tranche syndicated lending facility agreement with Shenton Singapore Holdings Pte. Ltd. — a joint venture of Credit Suisse Real Estate Fund International Holding AG and TTO Investment, a fund managed by CLSA (Crédit Lyonnais Securities Asia) Capital Partners Singapore — to finance the acquisition of the Lippo Centre building. This loan carried a maturity period of three years and was divided into two tranches: Tranche A, a $190 million SGD tranche to which Calyon and lead arranger Great Eastern Life Assurance each contributed $60 million SGD, DZ Bank contributed $40 million SGD, and BOC contributed $30 million SGD; and Tranche B, a $36.5 million SGD tranche funded solely by Calyon. The proceeds from the facility are to fund Shenton Singapore Holdings' acquisition of Lippo Centre, a 34-story skyscraper located in Singapore's Downtown Core. The building was successfully acquired prior to September 2007.