China Bank prepays $158-M loan

China Banking Corporation (China Bank) has paid off one year ahead of schedule the three-year $158-million syndicated loan that was originally scheduled to mature in June, 2018.

“The strong growth in foreign currency deposit has enabled us to not only raise the balance earlier than expected,” said China Bank Chief Operating Officer and Executive Vice President William C. Whang.

The bank likewise confirmed that it also took advantage of favorable changes in market conditions to be able to repay the loan sooner.

The loan was paid in two tranches: $60 million was paid in March of this year and the remaining balance on June 29, 2017.

China Bank successfully returned to the capital markets in June, 2015 with this facility since its $125-million floating rate certificates of deposit (FRCD) issue in 1996 and 1997.

The proceeds of the loan were deployed into better yielding assets as well as funding for corporate borrowers and project financing deals.

Australia and New Zealand Banking Group Limited was the Mandated Lead Arranger and Book Runner. KDB Group (The Korea Development Bank - Seoul Head Office, KDB Asia Limited – Hong Kong) and Mizuho Bank, Ltd - Singapore Branch were the Mandated Lead Arrangers.

Doha Bank Q.S.C. was the Lead Arranger. The arrangers were Mega International Commercial Bank Co., Ltd., CTBC Bank Co., Ltd. Singapore, The Shanghai Commercial & Savings Bank, Ltd., Taiwan Cooperative Bank, and Taishin International Bank Co, Ltd.