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CITIC Ka Wah Bank contributes $15 million USD to a $165 million USD syndicated loan to Punjab National Bank for on-lending purposes
| Funder | China CITIC Bank International Limited (formerly CITIC Ka Wah Bank) |
|---|---|
| Recipient Organization | Punjab National Bank (PNB) |
| Country | India |
| Start Date | Jun 11, 2008 |
| End Date | Jul 21, 2032 |
| Duration | 8,806 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 98340 |
Grant Description
CITIC Ka Wah Bank contribution to USD 165 million syndicated loan to Punjab National Bank for on-lending purposes On June 11, 2008, a syndicate of 12 banks — including the Bank of China (BOC) — signed a $165 million USD syndicated loan agreement with Punjab National Bank (PNB) — an Indian state-owned bank — for on-lending purposes.
The proceeds were to be used by the borrower for on-lending purposes. CITIC Ka Wah Bank contributed $15 million USD.
In addition to it, the following lenders contributed the respective amounts to the loan syndicate: Bank of America Securities Asia ($20 million USD), DZ Bank ($20 million USD), HSBC Bank ($20 million USD), Natixis ($21 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($20 million USD), Chinatrust Commercial Bank ($15 million USD), Banque des Mascareignes ($10 million USD), Hua Nan Commercial Bank (HNCB) ($10 million USD), Taiwan Business Bank (TBB) ($8 million USD), Chang Hwa Commercial Bank ($3 million USD), and the Shanghai Commercial & Savings Bank (SCSB) ($3 million USD).
Bank of America Securities Asia, DZ Bank, HSBC, Natixis, and SMBC served as mandated lead arrangers. CITIC Ka Wah Bank and Chinatrust Commercial Bank served as coordinating arrangers. Banques des Mascareignes and HNCB served as arrangers. TBB, Chang Hwa Commercial, and SCSB served as co-arrangers. The loan was oversubscribed and up-sized from its initial $100 million USD target.
Staff Comments
1. A 6-Month LIBOR was assumed. The average 6-Month LIBOR rate for June 2008 was 3.104%. Therefore, the interest rate has been coded as 3.104% + 1.05% (105 basis points), or 4.154%.
Sources & References
- Loan week
- June 13-19 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
Punjab National Bank (PNB)
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