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Overview

Bank of China contributes $108.2 million AUD to the $324.6 million AUD term loan tranche of a $330.49 million AUD syndicated loan for the Perth Schools Public-Private Partnership (PPP) Refinancing Project (Linked to Record ID#101178)

Commitments (Constant USD, 2023)$71,000,174
Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EducationFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 14, 2022
Last repayment (originally scheduled)
Jan 14, 2029

Stakeholders

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

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)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • EduWest Finance Company Pty Ltd

Loan description

January 2022 $330.49 million AUD syndicated loan for the Perth Schools Public-Private Partnership (PPP) Refinancing Project in Australia

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On January 14, 2022, financial close was reached on a deal in which a syndicate of three banks — the Bank of China (BOC), Australia and New Zealand Banking Group (ANZ), and Commonwealth Bank of Australia (CBA) — entered into a $330.49 million AUD ($240.64 million USD) syndicated loan agreement with EduWest Finance Company Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) jointly owned by Australia's Macquarie Corporate Holdings Ltd (25% equity stake), privately-owned Australian construction company Perkins (WA) Pty Ltd (25% equity stake), privately-owned Australian construction company Badge Constructions (WA) Pty Ltd (25% equity stake), and Australian facilities services company Spotless Facilities Services Pty Ltd (25% equity stake) — for the Perth Schools Public-Private Partnership (PPP) Refinancing Project. This loan was divided into two tranches: a $324.60 million AUD ($236.35 million USD) term loan tranche with a maturity period of seven years and a final maturity date of January 14, 2019; and a $5.89 million AUD ($4.29 million USD) debt service reserve facility tranche with a maturity period of seven years and a final maturity date of January 14, 2029. The proceeds of this loan were to be used by the EduWest consortium to refinance the design, build, finance and maintain eight public schools (four secondary and four primary) around Perth, Western Australia as part of a PPP project with the Government of Western Australia. The primary schools were at Landsdale East, Alkimos South West, Baldivis North, and Byford South West while the secondary schools were at Ellenbrook North, Lakelands, Hammond Park, and Harrisdale. Each lender contributed $108.20 million AUD ($78.78 million USD) to the $324.6 million AUD term loan tranche. BOC's contribution to this tranche is captured by Record ID#101177. Each lender contributed $1.96 million AUD ($1.43 million USD) to the $5.89 million AUD debt service reserve facility tranche. BOC's contribution to this tranche is captured by Record ID#101178.