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Overview

Bank of China contributes $35 million AUD to the three-year $325 million AUD term loan tranche of a $650 million AUD syndicated loan for the ElectraNet 2015 Refinancing Project (Linked to Record ID#101881)

Commitments (Constant USD, 2023)$27,497,050
Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 22, 2015
Last repayment (originally scheduled)
Dec 21, 2018

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • HSBC Bank PLC
  • Mizuho Financial Group (MHFG)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Trust Bank, Limited (SMTB)
  • Westpac Banking Corporation

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • ElectraNet Pty Ltd

Loan description

December 2015 $650 million AUD syndicated loan for the ElectraNet 2015 Refinancing Project in Australia

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On December 22, 2015, financial close was reached on a deal in which a syndicate of 10 banks — including the Bank of China (BOC) — entered into a $650.00 million AUD ($469.02 million USD) syndicated loan agreement with ElectraNet Pty Ltd — a South Australian electricity transmission company then jointly owned by State Grid International Development Asia and Australia Holding Company Limited, subsidiary of Chinese state-owned State Grid International Development Ltd (SGID) (46.56% equity stake), Malaysia-based YTL Power Investments Limited, an investment company of YTL Power International Berhad (33.5% equity stake), and Hastings Investment Management Pty Ltd, a wholly-owned subsidiary of Hastings Funds Management Ltd and the trustee of the Hastings Utilities Trust (19.94% equity stake) — for the ElectraNet 2015 Refinancing Project. This loan was divided into two tranches: a $325.00 million AUD ($234.51 million USD) term loan tranche with a maturity period of three years and a $325.00 million AUD term loan tranche with a maturity period of five years. The proceeds were to be used by the borrower to refinance existing indebtedness, fund capex, and for working capital and general corporate purposes used previously for the maintenance of ElectaNet's transmission network in South Australia. BOC contributed $35.00 million AUD ($25.25 million USD) to each $325 million AUD term loan tranche. Record ID#101880 captures BOC's contribution to the three-year tranche. Record ID#101881 captures BOC's contribution to the five-year tranche. In addition to BOC, the following lenders contributed the respective amounts to each of the two tranches: Australia and New Zealand Banking Group (ANZ) ($42.50 million AUD; $30.67 million USD), Commonwealth Bank of Australia (CBA) ($42.50 million AUD), HSBC Bank ($15.00 million AUD; $10.82 million USD), Mizuho Financial Group (MHFG) ($35.00 million AUD), MUFG Bank, Ltd. ($35.00 million AUD), National Australia Bank Limited (NAB) ($35.00 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($35.00 million AUD), Sumitomo Mitsui Trust Bank Limited (SMTB) ($35.00 million AUD), and Westpac Banking Corporation ($15.00 million AUD).