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Overview

ICBC contributes $75 million AUD to a $300 million AUD syndicated loan for the Perth Stadium Public-Private Partnership (PPP) Refinancing Project

Commitments (Constant USD, 2023)$49,825,412
Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 30, 2023
Last repayment (originally scheduled)
Sep 28, 2028

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Nippon Life Insurance Company (Nissay) (Nihon Seimei)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Westadium Project Co Pty Limited

Loan description

ICBC contributions to a $300 million AUD syndicated loan for the Perth Stadium Public-Private Partnership (PPP) Refinancing Project

Interest rate (t₀)•5.6046%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On September 30, 2023, financial close was reached on a deal in which a syndicate of four lenders — the Industrial and Commercial Bank of China (ICBC), Australia and New Zealand Banking Group (ANZ), CaixaBank S.A., and Nippon Life Insurance Company (Nissay) — entered into a $300.00 million AUD ($202.41 million USD) syndicated loan agreement with Westadium Project Co Pty Limited — an Australia-incorporated special purpose vehicle (SPV) jointly owned by Dexius' Dexus Community Infrastructure Fund (CommIF) (50% equity stake) and Aberdeen Global Infrastructure II (AGIP II), part of United Kingdom-based global investment company Abrdn plc, (50% equity stake) — for the Perth Stadium Public-Private Partnership (PPP) Refinancing Project. This loan carried a maturity period of five years and an interest rate of BBSY plus a margin of 115 basis points (bps). Each lender, including ICBC, contributed $75.00 million AUD ($50.60 million USD) to the loan syndicate. The proceeds were to be used to refinance a $400 million AUD loan accrued in 2018 for Perth Stadium (branded as Optus Stadium), a multi-purpose sports stadium located four kilometers west of Perth in Burswood, Western Australia with a capacity of 60,000 developed under a 25-year design, build, finance, and maintain concession PPP. It is Australia's third largest stadium. It began operations in January 2018.

Staff comments

1. A 6-month BBSY was assumed. The average 6-month BBSY for September 2023 was 4.4546%. Therefore, the interest rate has been coded as 4.4546% + 1.15% (115 bps) = 5.6046%.