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Overview

ICBC provides a $50 million AUD loan to Adelaide Airport for capital management purposes

Commitments (Constant USD, 2023)$35,577,028
Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2020
Last repayment (originally scheduled)
Jul 1, 2023

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)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Adelaide Airport Limited (AAL)

Loan description

ICBC provides a $50 million AUD loan to Adelaide Airport for capital management purposes

Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

In July 2020, the Industrial and Commercial Bank of China (ICBC) entered into a $50 million AUD bank debt facility agreement with Adelaide Airport Limited (AAL) — an Australia-incorporated special purpose vehicle (SPV) that, at the time of the loan, was jointly owned by Australian superannuation fund UniSuper Fund (49.0% equity stake), Perron Group (3.4% equity stake), Australian investment management company IFM Investors (12.8% equity stake), Colonial First State Global Asset Management (15.3% equity stake), and Australian industry superannuation Statewide Super Pty Ltd (later merged into Host-Plus Pty Limited) (19.5% equity stake) that holds the leasehold interests of the Adelaide Airport and the Parafield Airport — for capital management purposes. This loan carried a maturity of three years, a final maturity date in July 2023, and an interest rate of BBSY plus an unspecified margin. The proceeds were to be used by the borrower for capital management during the COVID-19 pandemic, which very negatively impacted AAL as an airport. As of June 30, 2022, this loan was undrawn. As of June 30, 2023, this loan had been cancelled.