Loading grant details…
ICBC contributes $12.5 million to syndicated loan for Philippines Fiber Optic Cable Network
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Philippine Fiber Optic Cable Network Ltd. (PFOCN) |
| Country | Philippines |
| Start Date | Jan 10, 2020 |
| End Date | Sep 11, 2031 |
| Duration | 4,262 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 109966 |
Grant Description
ICBC contributes to $25 million to syndicated loan for Philippines Fiber Optic Cable Network in 2020 On January 10, 2020, ICBC co-financed a $25 million syndicated corporate facility (loan) for the Philippine Fiber Optic Cable Network Ltd. (PFOCN), a special purpose vehicle and wholly-owned subsidiary of HyalRoute Communication Group.
The funds were to be used for corporate purposes associated with expanding the PFOCN's national fiber-optic infrastructure. The transaction reached financial close on the same day. Each of the two lenders, ICBC and an unidentified co-financier, provided $12.5 million.
Staff Comments
- The IJGlobal source reports that this is a $25 million corporate loan provided by ICBC and another lender to the Philippines Fiber Optic Cable Network, with financial close on January 10, 2020. Each lender is assumed to have contributed $12.5 million.
- The borrowing terms of the loan are unknown.
Sources & References
- Philippines Fiber Optic Additional Facility 2020
- BOI investment pledges up 126% as of August
- PH Fiber Optic Project makes BOI nab AIM Investment Award Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Philippine Fiber Optic Cable Network Ltd. (PFOCN)
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
