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Overview

Bank of China contributes $150 million AUD to a $335 million AUD syndicated loan to CitiPower for general corporate purposes

Commitments (Constant USD, 2023)$168,350,282
Commitment Year•2012Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 20, 2012
Last repayment (originally scheduled)
Mar 20, 2016

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of Nova Scotia (Scotiabank)
  • Mizuho Bank, Ltd.
  • United Overseas Bank Limited (UOB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • CitiPower Pty Ltd

Loan description

Bank of China contributions to a $335 million AUD syndicated loan to CitiPower for general corporate purposes

Interest type•UnknownMaturity•3.5 years

Narrative

Full Description

Project narrative

Between September 14 and 20, 2012, a syndicate of four banks — the Bank of China (BOC), Mizuho Bank, United Overseas Bank Limited (UOB), and the Bank of Nova Scotia (Scotiabank) — signed a $335 million AUD syndicated term loan agreement with CitiPower Pty Ltd — an Australian electricity distributor supplying power to the Melbourne Central Business District (CDB) and inner suburbs and the trustee for the CitiPower Trust that, together with Powercor Australia Limited, are wholly owned by Victoria Power Networks (Finance) Pty Ltd, itself wholly owned by Victoria Power Networks Pty Limited, which is jointly owned by Cheung Kong Group members CK Infrastructure Holdings Limited (CKI) and Power Assets Holdings Limited (PAH) (51% equity stake) and Spark Infrastructure, which is owned by Kohlberg Kravis Roberts & Co. L.P. (KKR), Ontario Teachers’ Pension Plan Board (OTPP), and Public Sector Pension Investment Board (PSP) (49% equity stake) — for general corporate purposes. This loan carried a maturity period of 3.5 years. The proceeds were to be used for general corporate purposes. BOC committed $150 million AUD as a mandated lead arranger and bookrunner. Mizuho committed $100 million AUD as a mandated lead arranger and bookrunner. UOB and Scotiabank each committed $43 million AUD.