Bank of China (Singapore Branch) contributes $50 million AUD to a $600 million AUD syndicated green loan to Frasers Property Australia for refinancing purposes

Project narrative

In April 2019, a syndicate of 16 banks (18 lenders) — including the Singapore and Sydney Branches of the Agricultural Bank of China (ABC) and the Singapore and Sydney Branches of the Bank of China (BOC) — entered into a $600 million AUD ($429 million USD) syndicated Green term loan agreement with Frasers Property Australia Pty Ltd — an Australia-incorporated real estate developer and wholly-owned subsidiary of Singapore-based real estate developer Frasers Property Ltd — for refinancing purposes. This loan was senior unsecured Green term loan, carried a maturity period of five years, and an interest rate of BBSY plus a margin of 135 basis points (bps). Frasers Property issued a guarantee in support of this loan. The proceeds of this loan were to be used by the borrower to refinance a $600 million AUD loan accrued in April 2015 and to pay fees and expenses related to its latest facility. The Singapore Branch of ABC contributed $39 million AUD (Record ID #100249) and the Sydney Branch of ABC contributed $26 million AUD (Record ID #100968). The Singapore Branch of BOC contributed $50 million AUD (Record ID #100250) and the Sydney Branch of BOC contributed $15 million AUD (Record ID #100969). In addition to the Chinese state-owned banks, the following lenders contributed the respective amounts to the loan syndicate: Australia and New Zealand Banking Group ($50 million AUD), Barclays Capital Asia Limited ($50 million AUD), Mizuho Bank ($50 million AUD), CTBC Bank ($40 million AUD), the Singapore Branch of the Bank of East Asia (BEA) ($50 million AUD), the Singapore Branch of RHB Bank Berhad ($45 million AUD), the Singapore Branch of First Abu Dhabi Bank (FAB) ($40 million AUD), the Singapore Branch of Bangkok Bank ($30 million AUD), the Sydney Branch of Hua Nan Commercial Bank (GNCB) ($30 million AUD), the Overseas Business Unit of Mega International Bank ($20 million AUD), the Brisbane Branch of Taiwan Business Bank (TBB) ($15 million AUD), the Singapore Branch of E.Sun Commercial Bank ($10 million AUD), and the Singapore Branch of First Commercial Bank ($10 million AUD). ANZ, Barclays Capital Asia Ltd., Mizuho, and CTBC Bank were the mandated lead arrangers, bookrunners and underwriters of the senior unsecured term loan, while the remaining 12 banks joined in general syndication as participants. Barclays Capital Asia served as the sole Green coordinator, while ANZ served as facility agent.