Narrative
Full Description
Project narrative
In August 2022, a syndicate of nine banks — including China Construction Bank Corporation (CCB) — signed a $1.350 billion USD syndicated sustainability-linked revolving credit facility (RCF) agreement with Brambles Limited — an Australian logistics company listed on the Australian Securities Exchange — for refinancing purposes. This loan carried a maturity period of five years and and a final maturity date in 2028, with two one-year extension options, subject to lenders' consent. As a sustainability-linked loan (SLL), this loan measured Brambles' performance against its 2025 sustainability targets, namely a 25% reduction in injury frequency at workplace, women holding at least 40% of management roles, and working with food banks to give rescued food to 10 million people, and its roadmap to net-zero greenhouse gas emissions by 2040 with pricing adjustments depending on whether the borrower met or failed to those goals. The proceeds were to be used by the borrower to refinance $992.2 million USD of bilateral loans. Record ID#101866 captures CCB's contribution to the loan syndicate. In addition to CCB, the following banks contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Bank of America, BNP Paribas S.A., Commzerbank AG, HSBC Bank, ING Group N.V., and Sumitomo Mitsui Banking Corporation (SMBC). ANZ served as a sustainability coordinator, while it and the other lenders served as mandated lead arrangers. Then, in July 2023, the lending syndicate entered into an amendment agreement on the RCF with the borrower; in this agreement, the first one-year extension was exercised, extending the maturity period of this RCF by one year for a new final maturity date of August 2028 (a new maturity period of six years). Record ID#101867 captures CCB's contribution to this debt rescheduling.