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Overview

ICBC contributes $55.53 million AUD to the $350 million AUD term loan tranche of a $571 million AUD syndicated loan for the Hobart International Airport 2022 Refinancing Project (Linked to Record ID#101486, #101487, and #101488)

Commitments (Constant USD, 2023)$36,438,444
Commitment Year2022Country of ActivityAustraliaDirect Recipient Country of IncorporationAustraliaSectorTransport And StorageFlow TypeLoan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 14, 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

  • Canadian Imperial Bank of Commerce (CIBC)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • United Overseas Bank Limited (UOB)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Tasmanian Gateway Corporation Pty Limited

Loan description

June 2022 $571 million AUD syndicated loan for the Hobart International Airport 2022 Refinancing Project in Australia

Interest typeUnknown

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).