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Overview

Bank of China contributes NZD 200 million to syndicated lending facility to Ryman Healthcare for debt refinancing in 2021 (linked to Record ID#100248)

Commitments (Constant USD, 2023)$130,800,232
Commitment Year•2021Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandSector•HealthFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2021
Last repayment (originally scheduled)
Jan 1, 2022

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ANZ Bank New Zealand Limited
  • Bank of New Zealand (BNZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Westpac New Zealand Limited (WNZL)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Ryman Healthcare Limited

Loan description

BOC and ICBC contribute to NZD 1.8 billion syndicated lending facility to Ryman Healthcare for working capital and unspecified corporate purposes in 2021

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

In 2021, a syndicate of seven banks -- including Bank of China and ICBC -- signed an agreement to provide a NZD 1.8 billion syndicated lending facility to Ryman Healthcare, a New Zealand-based healthcare company. The facility has a one-year maturity and an unknown interest rate. Proceeds from the facility will be used to refinance the company's 2020 syndicated debt facility (captured via Record ID #s #100245 and #100246). In total, seven banks contributed to the facility: ANZ Bank New Zealand (NZD 390 million), Commonwealth Bank of Australia (NZD 274.9 million), Bank of New Zealand/National Australia Bank (NZD 470.5 million), Westpac (NZD 291.4 million), MUFG (NZD 175 million), Bank of China (NZD 200 million), and ICBC (NZD 100 million). Bank of China's contribution is captured via Record ID#100247. ICBC's contribution is captured via Record ID#100248.

Staff comments

1. Although a maturity date for the facility is not given, AidData has assumed a one-year maturity for each facility given Ryman's annual refinancing of their debt facilities.