Narrative
Full Description
Project narrative
On December 18, 2019, financial close was reached on a deal in a syndicate of five banks — including the Bank of China (BOC) — entered into a $425.00 million AUD ($290.71 million USD) syndicated loan agreement with Tasmanian Gateway Corporation Pty Limited — an Australia-incorporated special purpose vehicle (SPV) and joint venture owned by Tasplan Superannuation Fund (30% equity stake), QIC Global Infrastructure Fund (35% equity stake), and Netherlands' Schiphol International (35% equity) — for the Hobart International Airport 2019 Refinancing Project. This loan consisted of four tranches: a $90.00 million AUD ($61.56 million USD) term loan tranche with a maturity period of three years and a final maturity date of December 18, 2022 provided by all lenders, a $240.00 million AUD ($164.16 million USD) capex loan tranche with a maturity period of five years and a final maturity date of December 18, 2024 provided by all lenders, a $90.00 million AUD term loan tranche with a maturity period of five years and a final maturity date of December 18, 2024 provided by all lenders, and a $5.00 million AUD ($3.42 million USD) working capital tranche provided by Westpac. The proceeds of this loan were used by the borrower to refinance the Hobart International Airport in Tasmania. BOC contributed $6.00 million AUD to the $90.00 million AUD three-year term loan as captured by Record ID#94279; BOC contributed $26.14 million AUD to the $240.00 million AUD capex loan, as captured by Record ID#94280; and $13.60 million AUD to the $90.00 million USD five-year term loan tranche, as captured by Record ID#94281. On June 14, 2022, financial close was reached on a deal in which a syndicate of seven banks — including BOC and the Industrial and Commercial Bank of China (ICBC) — entered into a $571.00 million AUD ($394.75 million USD) syndicated loan agreement with Tasmanian Gateway Corporation Pty Limited — now with a slightly different shareholding structure with Tasplan Superannuation Fund (33% equity stake), QIC Global Infrastructure Fund (33% equity stake), and Netherlands' Schiphol International (34% equity stake) — for the Hobart International Airport 2022 Refinancing Project. This loan was divided into three tranches: a $216.00 million AUD ($149.33 million USD) term loan tranche; a $350.00 million AUD ($241.97 million USD) term loan tranche; and a $5.00 million AUD ($3.46 million USD). The proceeds were to be used by the borrower to refinance the Hobart International Airport in Tasmania. BOC and ICBC each contributed $21.42 million AUD ($14.81 million USD) to the $216 million AUD term loan tranche. Record ID#101486 captures BOC's contribution and Record ID#101487 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the tranche: Sumitomo Mitsui Banking Corporation (SMBC) ($87.41 million AUD; $60.43 million USD), Canadian Imperial Bank of Commerce (CIBC) ($21.42 million AUD), Commonwealth Bank of Australia (CBA) ($21.42 million AUD), United Overseas Bank Limited (UOB) ($21.42 million AUD), and Westpac Banking Corporation ($21.42 million AUD). BOC and ICBC each contributed $55.53 million AUD ($38.39 million USD) to the $350 million AUD term loan tranche. Record ID#101488 captures BOC's contribution and Record ID#101489 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the tranche: SMBC ($16.82 million AUD; $11.63 million USD), CIBC ($55.53 million AUD), CBA ($55.53 million AUD), UOB ($55.53 million AUD), and Westpac ($55.53 million AUD). The $5 million AUD term loan tranche was provided by an unknown lender(s).