Narrative
Full Description
Project narrative
On August 8, 2023, financial close was reached on a deal in which a syndicate of five banks — including the Bank of China (BOC) — entered into a $337.00 million AUD ($220.63 million USD) syndicated loan agreement with QS MAPS Holdings No. 4 Pty Ltd. — a special purpose vehicle (SPV) wholly owned by QIC Global Infrastructure (QIC GI), an arm of Queensland Investment Corporation (QIC), a Queensland Government-owned investment company that owns Epic Energy South Australia Pty Ltd— for the Epic Energy Refinancing Project. This loan was divided into four tranches: a $20.00 million AUD ($13.09 million USD) letter of credit tranche with a maturity period of five years and a final maturity date of August 8, 2023; a $107.00 million AUD ($70.05 million USD) capital expenditure facility tranche with a maturity period of three years and a final maturity date of August 8, 2026; a $65.00 million AUD ($42.56 million USD) term loan tranche with a maturity period of seven years and a final maturity date of August 8, 2030; and a $145.00 million AUD ($94.93 million USD) term loan tranche with a maturity period of five years and a final maturity date of August 8, 2023. The proceeds of this loan were to be used by the borrower to refinance Epic Energy's asset portfolio, including the 1,184-kilometer long Moomba-Adelaide Pipeline System in South Australia, the 82-kilometer South East Pipeline System in South Australia, the 7.2 MW Timboon West Wind Farm in Victoria, the 7.2 MW Yawong Wind Farm in Victoria, the 1.2 MWp IKEA Adelaide Solar and 3.36 MW/3.45 MWh Battery Microgrid in South Australia, and the 6.86 MWp Mannum Solar Farm in South Australia. BOC contributed $25.00 million AUD ($16.37 million USD) to the seven-year $65 million AUD term loan tranche as captured by Record ID#101206. In addition to BOC, the following lenders contributed the respective amounts to the $65 million AUD term loan tranche: BNP Paribas S.A. ($5.00 million AUD; $3.27 million USD), Société Générale S.A. (SocGen) ($25.00 million AUD), and Westpac Banking Corporation ($10.00 million AUD; $6.55 million USD). BOC contributed $20.00 million AUD to the five-year $145 million AUD term loan tranche as captured by Record ID#101208. In addition to BOC, the following lenders contributed the respective amounts to the $65 million AUD term loan tranche: BNP Paribas ($30.00 million AUD), Canadian Imperial Bank of Commerce (CIBC) ($46.50 million AUD; $30.44 million USD), SocGen ($10.00 million AUD), and Westpac ($38.50 million AUD; $25.21 million USD). BOC did not contribute to the $107 million AUD capital expenditure facility. The following lenders contributed the respective amounts to the loan syndicate: BNP Paribas ($35.00 million AUD), CIBC ($42.00 million AUD; $27.50 million USD), SocGen ($10.00 million AUD), and Westpac ($20.00 million AUD). BOC did not contribute to the $20 million AUD letter of credit tranche, which was solely provided by Westpac.