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Overview

ICBC contributes $75 million NZD to a $720 million NZD syndicated loan to Goodman Property Trust for unspecified purposes

Commitments (Constant USD, 2023)$44,853,756
Commitment Year•2022Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 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 (New Zealand) Limited (ICBC New Zealand) (ICBC NZ)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of New Zealand (BNZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Westpac New Zealand Limited (WNZL)

Receiving agencies

Private Sector

  • Goodman Property Trust (GMT)

Loan description

2022 syndicated $720 million NZD loan from ICBC to Goodman Property Trust for unspecified purposes

Interest type•Variable Interest RateMaturity•3 years

Collateral

This loan was secured by an equal ranking basis over the assets of the wholly owned subsidiaries of Goodman Property Trust.

Narrative

Full Description

Project narrative

In December 2022, a syndicate of six banks — including the Industrial and Commercial Bank of China (New Zealand) Limited (ICBC NZ) — entered into a $720 million NZD syndicated bank facility agreement with Goodman Property Trust (GMT) — a New Zealand-based property trust and warehouse and logistics space provider listed on New Zealand's Exchange (NZX) and Goodman Group, an Australian integrated commercial and industrial property group which also owns a 25.2% cornerstone unitholding in the trust — for unspecified purposes. An amendment and extension of the existing facilities — with ICBC NZ and Australia and New Zealand Banking Group (ANZ) joining as new lenders — this facilities agreement consisted of five tranches: a $60 million NZD tranche with a maturity period of six months and a final maturity date in June 2023, a $130 million NZD tranche with a maturity period of 1.5 years and a final maturity date in June 2024, a $205 million NZD tranche with a maturity period of 2.5 years and a final maturity date of June 2025, a $225 million NZD tranche with a maturity period of 3.5 years and a final maturity date of June 2026, and a $100 million NZD tranche with a maturity period of 4.5 years and a final maturity date of June 2027. This loan carried an interest rate based on a floating rate. This loan was secured by (i.e. collateralized against) an equal ranking basis over the assets of the wholly owned subsidiaries of Goodman Property Trust. In March 2023, the parties amended the $720 million NZD by cancelling the $60 million NZD tranche maturing in June 2023. As of March 31, 2023, the breakdown of the remaining $660.0 million NZD of syndicated bank facilities was as follows: ICBC NZ ($75.0 million NZD), ANZ ($75.0 million NZD), Westpac New Zealand Limited (WNZL) ($105.0 million NZD), the Hongkong and Shanghai Banking Corporation Limited (HSBC) ($130.0 million NZD), the Bank of New Zealand (BNZ) ($125.0 million NZD), and the Commonwealth Bank of Australia (CBA) ($150.0 million NZD). As of March 31, 2023, the entire remaining $660.0 million NZD was undrawn. As of September 30, 2023, the entire remaining $660.0 million NZD was undrawn.

Staff comments

1. While the individual contributions of each lender to the $660 million NZD portion of this loan are known, the tranche-by-tranche breakdown is unknown. For the time being, AidData has assumed each lender contributed and has taken the average of the maturity periods of the four uncancelled tranches {[(1.5 + 2.5 + 3.5 + 4.5) / 4] = 3} and coded it as the maturity period of this record.