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Overview

Bank of Communications contributes to a JPY 20 billion syndicated loan to The Oriental Land Company for general corporate purposes (Linked to Record ID#99274, #99276, and #99278)

Commitments (Constant USD, 2023)$41,870,144
Commitment Year•2010Country of Activity•JapanDirect Recipient Country of Incorporation•JapanSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 19, 2010
Last repayment (originally scheduled)
May 19, 2011

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 Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • BNP Paribas S.A.
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))

State-owned Banks

  • Bank of Taiwan

State-owned Commercial Banks

  • Bank of China (BOC)
  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • The Oriental Land Company, Limited

Loan description

May 2010 JPY 20 billion syndicated revolving loan to The Oriental Land Company, Limited for general corporate purposes in Japan

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On May 13, 2009, a syndicate of at least eight banks — including the Bank of China (BOC) as mandated lead arranger and BNP Paribas S.A. as sole bookrunner and mandated lead arrangers — were to sign a JPY 20 billion ($204 billion USD) syndicated loan agreement with The Oriental Land Company, Limited — a Japanese tourism company and owner and operator of Tokyo Disney Resort and all Disney stores in Japan — for unspecified purposes. This loan carried a maturity period of one year with a one-year extension option. As of May 12, 2009, six banks had joined the two mandated lead arrangers during syndication. Record ID#99274 captures BOC's contribution. Then, between May 14 and 19, 2010, a syndicate of seven banks — including BOC, the Bank of Communications (BoComm), and the Industrial and Commercial Bank of China (ICBC) — signed a JPY 20.0 billion syndicated revolving credit loan agreement with Oriental Land for general corporate purposes. This loan carried a maturity period of 364 days. In addition to the Chinese state-owned banks, the following lenders contributed to the loan syndicate: BNP Paribas, Bank of Taiwan, Australia and New Zealand Banking Group (ANZ), and Bank of America Merrill Lynch (BAML). BNP Paribas served as sole bookrunner. BOC served as mandated lead arrangers. Bank of Taiwan served as lead arranger. BoComm, ICBC, ANZ, and BAML joined as participants. Record ID#99276 captures BOC's contribution. Record ID#99277 captures BoComm's contribution. Record ID#99278 captures ICBC's contribution.

Staff comments

1. The individual contributions of the seven lenders to this JPY 20 billion syndicated loan are unknown. For the time being, AidData has estimated the contribution of BOC, BoComm, and ICBC by assuming that each lender contributed an equal amount (JPY 2,857,142,857.14) to the syndicated loan. 2. While "Tokyo Disney seals ¥20bn loan as Japan remains star attraction" was released on May 12, 2009, before signing of the loan agreement, as BOC was a mandated lead arranger (a form of commitment) and signing was the next day, AidData has considered it as if the loan was signed on May 13, 2009. Additionally, BOC and BNP Paribas's participation in the JPY 20 billion one-year loan signed between May 14-19, 2010, which, if not an outright extension of this loan, likely refinanced it, strongly supports the existence of a loan signed on or just after May 13, 2009. 3. It is highly likely that the May 2010 JPY 20 billion loan, based on its maturity, approximate signing date, and presence of BOC as mandated lead arranger and BNP Paribas as sole bookrunner, that it either was an exercise of the one-year extension option of the May 2009 JPY 20 billion loan or it was a new loan refinancing that loan. For now, AidData has treated the 2010 loan as a separate but linked loan to the 2009 loan.