Bank of China contributes USD 60 million to syndicated loan to Bangko Sentral ng Pilipinas for refinancing purposes (linked to Record ID#104670)

ABC and BOC contribution to $500 million syndicated loan to Bangko Sentral ng Pilipinas for refinancing purposes On March 14 2003, a syndicate of twelve banks entered into a USD 500 million loan to Bangko Sentral ng Pilipinas for refinancing purposes.

Co-ordinating arrangers are the International Commercial Bank of China lending $70m, HSBC ($40m), Citibank/SSB pledging ($35m), Sumitomo Mitsui Banking Corp and Tokyo-Mitsubishi International (HK) ($33m each), Credit Lyonnais ($32m) and Mizuho Corporate Asia ($30m).

Lead arrangers are Bank of China ($60m), Metropolitan Bank and Trust ($50m), Land Bank of Philippines and KBC Bank ($30m apiece). LB Kiel joins as an arranger ($25m) and United World Chinese Commercial Bank, as lead manager ($20m).

The manager is the Agricultural Bank of China (Singapore branch) (recorded in Record ID#104670) pledging $10m and the co-manager Development Bank of Philippines ($2m). Borrowing terms included a maturity period of five years and an interest rate of LIBOR plus 233 basis points. Lenders received an all-in of 96bp.

This loan was meant to refinance a USD 500 million three-year term loan that was arranged by ABN Amro and completed in April 2000. It is unknown whether Chinese financing occurred in the original loan.