Bank of China contributes to debt restructuring — via a six month maturity extension — of NZD 106.5 million multi-tranche syndicated lending facility to Hirepool for unspecified corporate purposes

Project narrative

In October 2017, a syndicate of five banks — including Bank of China (BOC) and China Construction Bank Corporation (CCB) — signed a NZD 81.5 million multi-tranche syndicated lending facility with Hirepool, a New Zealand equipment rental firm for unspecified corporate purposes. The facility has a maturity of three years, maturing on October 31, 2020, with an unknown interest rate, comprised of a NZD 81.5 million term loan, an NZD 20 million revolving credit facility, and an NZD 5 million working capital facility. Other lending details, including a breakdown of contributions to each tranche, are unknown. The syndicate is comprised of Bank of China, China Construction Bank, Westpac, Kiwibank, and Bank of New Zealand. BOC's contribution is captured via Record ID#100029. CCB's contribution is captured via Record ID#100030. In early December 2020, the syndicate agreed to extend the facility's maturity by six months to April 30, 2021, to allow Hirepool time to secure new funding facilities. The debt rescheduling is captured via Record ID#100031 and ID#100032.