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Overview

ICBC contributes to a $800 million AUD syndicated loan to Charter Hall Prime Office Fund for refinancing purposes (Linked to Record ID#101214)

Commitments (Constant USD, 2023)$131,238,768
Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2022

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

  • ING Group N.V.
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Charter Hall Prime Office Fund (CPOF)

Loan description

July 2022 $800 million USD syndicated loan to Charter Hall Prime Office Fund for refinancing purposes in Australia

Interest rate (t₀)•3.885%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In July 2022, a syndicate of at least four non-Australian banks — including the Bank of China (BOC), the Industrial and Commercial Bank of China (ICBC), Sumitomo Mitsui Banking Corporation (SMBC), and ING Group N.V. — entered into a $800 million AUD for Charter Hall Prime Office Fund (CPOF) — a wholesale pooled office fund under Australian property group Charter Hall Group — for refinancing purposes. This loan carried an interest rate based on BBSY plus a margin of 87.5 basis points (bps) on drawn debt and 57.5 bps on undrawn debt and a 10 bps line fee. The proceeds were to be used by the borrower to refinance $300 million AUD in debt and other purposes; the loan having been originally targeted at $300 million AUD before being up-sized to $800 million AUD. All the lenders were foreign banks. Record ID#101214 captures BOC's contribution. Record ID#101215 captures ICBC's contribution.

Staff comments

1. The individual contributions of the four known lenders to the $800 million AUD agreement is unknown. For the time being, AidData has estimated the contributions of BOC and ICBC by assuming each lender contributed equally ($200,000,000 AUD) to the loan syndicate. 2. A 6-month BBSY rate was assumed. The average 6-month BBSY rate for July 2022 was 3.01%. At the time of signing, the debt was undrawn. Therefore, to populate the interest rate at T0, AidData has coded 3.01% + 0.575% = 3.885%.