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Overview

Bank of China contributes $27.5 million AUD to the $220 million AUD revolver tranche of a $320 million AUD syndicated loan to Beach Energy to support its oil and gas business (Linked to Record ID#101150)

Commitments (Constant USD, 2023)$18,269,318
Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 25, 2023
Last repayment (originally scheduled)
Sep 25, 2025

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

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • HSBC Bank PLC
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Beach Energy Limited

Loan description

September 2023 $320 million AUD syndicated loan to Beach Energy to support its oil and gas business in Australia and New Zealand

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On September 25, 2023, financial close was reached on a deal in which a syndicate of eight lenders — including the Bank of China (BOC) — entered into a $320.00 million AUD ($205.59 million USD) syndicated loan agreement with Beach Energy Limited — a South Australia-based oil and gas developer, exploration, and production company — to support its oil and gas business. This loan was divided into two tranches: a $220.00 million AUD ($141.34 million USD) revolver tranche with a maturity period of two years and a final maturity date of September 25, 2025 and a $100.00 million AUD ($64.25 million USD) term loan tranche with a final maturity date of September 25, 2025. The proceeds were to be used by the borrower to finance its oil and gas business in the Cooper, Otway, Bonaparte, Canterbury and Kupe Basins basins in Australia and New Zealand. Each lender, including BOC, contributed $27.50 million AUD ($17.67 million USD) to the $220 million AUD revolver tranche and $12.50 million AUD ($8.03 million USD) to the $100 million AUD term loan tranche. Record ID#101149 captures BOC's contribution to the $220 million AUD revolver tranche. Record ID#101150 captures BOC's contribution to the $100 million AUD term loan tranche. In addition to BOC, the following banks contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), HSBC Bank Plc, Mizuho Bank, MUFG Bank, Ltd., National Australia Bank Limited (NAB), and Westpac Banking Corporation.