FINANCIAL SERVICES | Staff Reporter, Singapore

OCBC extends first SORA-based loan to energy sector

The $100m loan was made to a Sembcorp subsidiary.

OCBC has extended its first SORA-based loan in the energy sector with a $100m loan to Sembcorp Financial Services, a wholly owned subsidiary of Sembcorp Industries.

The three-year loan is part of a S300m loan extended to Sembcorp by the bank.

The loan facility’s interest rate comprises two components: a compounded average of daily SORA rates calculated in arrears, and an applicable margin.

The compounded average SORA will be calculated in arrears using the “five-business day backward-shifted observation period” methodology.

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