Skip to content
AidData logo

Overview

China Construction Bank contributes to NZD 205 million syndicated lending facility to Channel Infrastructure NZ Limited for debt refinancing

Commitments (Constant USD, 2023)$24,520,053
Commitment Year•2022Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 11, 2022
Last repayment (originally scheduled)
Jun 17, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • ANZ Bank New Zealand Limited
  • ASB Bank Limited
  • Bank of New Zealand (BNZ)
  • Westpac New Zealand Limited (WNZL)

Receiving agencies

Private Sector

  • Channel Infrastructure NZ Limited

Loan description

2022 syndicated NZD 205 million lending facility from CCB for debt refinancing

Interest rate (t₀)•5.25%Interest type•Variable Interest RateMaturity•3.6 years

Narrative

Full Description

Project narrative

On November 11, 2022, Channel Infrastructure NZ Limited announced a refinancing of its syndicated bank debts, totaling NZD 205 million and introducing ASB, China Construction Bank, and Westpac to the company's banking group, in addition to ANZ and BNZ, which were already part of the lending syndicate. The NZD 205 million in debt is part of a total bank debt of NZD 380 million held by Channel Infrastructure. The company's facilities now average a tenor of 3.6 years and an average interest rate of 5 to 5.5%. Other lending details are unknown.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the lending syndicate, therefore equal contributions have been assumed. 2. In the absence of other information, AidData has assumed that the NZD 205 million in refinanced debt has been shared among all five of Channel Infrastructure's banking partners. This issue warrants further investigation to see if it was all five banks, or just the three new lenders.