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China CITIC Bank provides $50 million buyer's credit for Phase 2 3G Expansion and Phase 8A NCR and South Luzon BSS Expansion Project (Linked to Record ID#63023)
| Funder | China CITIC Bank Corporation Limited |
|---|---|
| Recipient Organization | Digital Mobile Philippines, Inc. (DMPI) |
| Country | Philippines |
| Start Date | Dec 16, 2009 |
| End Date | Sep 05, 2031 |
| Duration | 7,933 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 63020 |
Grant Description
China CITIC Bank provides $50 million buyer's credit for Phase 2 3G Expansion and Phase 8A NCR and South Luzon BSS Expansion Project On December 16, 2009, Digital Mobile Philippines, Inc. (DMPI) — a subsidiary of Philippine Long Distance Telephone Company (PLDT) -- signed a $50 million buyer’s credit agreement with China Citic Bank Corporation Ltd. (China CITIC Bank) to finance the acquisition of equipment and related materials for the Phase 2 3G Expansion and Phase 8A NCR and South Luzon BSS Expansion Project.
The goal of the project was the expansion and upgrade of fixed and mobile networks of PLDT.
The Sinosure-backed loan carried an interest rate of 6-month LIBOR plus a 1.8% margin and it was repayable over 7-years in 14 equal semi-annual installments with its final installment due on December 17, 2017.
Disbursements (drawdowns) of the loan took place on June 25, 2010 and December 14, 2010, in the amounts of $37 million and $11 million, respectively. The undrawn $2 million was canceled.
On December 9, 2011, China CITIC Bank and ING Bank signed a Transfer Certificate and Assignment of Guarantee whereby ING Bank took over the debt under the buyer's credit agreement.
The assignment of debt was completed on December 16, 2011. $34 million, $34 million, and $41 million of principal remained outstanding as of March 31, 2013, December 31, 2012 and January 1, 2012, respectively. The loan had been repaid in full as of June 16, 2016.
Staff Comments
- PLDT, Inc., formerly known as the Philippine Long Distance Telephone Company (Filipino: Kompanya ng Teleponong Pangmalayuan ng Pilipinas), is a private telecommunications, internet, and digital service holdings company in the Philippines. It is one of the country's major telecommunications providers, along with Globe Telecom. Founded in 1928, it is the oldest and largest telecommunications company in the Philippines, in terms of assets and revenues.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- This project is linked to Record ID#63023, which captures a CDB/HSBC loan to DMPI in 2010.
Sources & References
- PHI / Philippine Long Distance Telephone Co. 6-K/A (Current Report of Foreign Issuer) - March 14, 2018, 2016 Notice and Agenda of Annual Meeting of Stockholders and Information Statement
- PLDT's 2015 SEC Form 17-A
- PLDT
- Financial Review
- JG Summit Holdings
- Inc. 2010 Annual Report
- NOTICE OF ANNUAL MEETING OF STOCKHOLDERS July 7, 2011
- NOTICE OF ANNUAL MEETING OF STOCKHOLDERS June 28, 2012
- PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS 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
Digital Mobile Philippines, Inc. (DMPI)
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