On 20 April 2004, YICT announced that the Company has signed a HK$3.3 billion 5-year term loan facility (the "Facility") with a consortium of banks. According to the Facility, the consortium which includes Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and China Development Bank, will provide YICT with loan facilities in HK dollars, US dollars and RMB, totalling HK$3.3 billion, to finance YICT's Phase III project.
With a total investment of HK$6.6 billion, the Phase III Project includes four 9,000-plus TEU vessel berths along with the necessary support facilities. The first two berths commenced operations on 16 October and 26 November 2003 respectively. The remaining two berths are due for completion by the middle and end of 2004. The entire Phase III project is estimated to be completed by the end of 2005. Upon completion, YICT will have adequate capacity to handle cargo traffic growth in the region.
The financing plan attracted warm responses from the banks, which led to four times oversubscription of the Facility.
The Consortium includes the following banks:
Coordinating Arrangers
Bank of China
Industrial and Commercial Bank of China
Arranger
China Construction Bank
Managers
Agricultural Bank of China
China Development Bank
Facility Agent
Industrial and Commercial Bank of China