Narrative
Full Description
Project narrative
On January 27, 2015, financial close was reached on a deal in which a syndicate of eight lenders — including the Bank of China (BOC) — entered into a $415.31 million USD syndicated loan agreement with Nieuport Aviation Infrastructure Partners GP — a special purpose vehicle jointly owned by InstarAGF Asset Management Inc. (InstarAGF), part of Canadian investment firm AGF Management Limited, (25% equity stake), Kilmer Van Nostrand Co. Limited, the private investment holding company of Canadian billionaire investor Larry Tanenbaum (25% equity stake), Swiss private equity firm Partners Group (25% equity stake), and JP Morgan IIF Int’l Acquisitions Ltd. representing institutional investors advised by J.P. Morgan Asset Management. (25% equity stake) — for the Billy Bishop Toronto City Airport Terminal Acquisition Project. This loan was divided into two tranches: a $383.05 million USD term loan tranche with a maturity period of five years and a final maturity date of January 26, 2020 and a $32.26 million USD revolver tranche with a maturity period of five years and a final maturity date of January 26, 2020. The proceeds of the debt were to be used by the borrower to acquire the passenger terminal of the Billy Bishop Toronto City Airport (BBTCA). Canada's nine busiest airport located in Ontario, from Porter Aviation Holdings Inc. (PAHI) {see ID#189260}}. All eight lenders contributed to the $383.05 million USD term loan, each contributing $47.88 million USD, including BOC. Record ID#99401 captures BOC's contribution to the term loan tranche. Seven lenders contributed to the $32.26 million USD revolver tranche, each contributing $4.61 million USD, including BOC. Record ID#99402 captures BOC's contribution to the revolver tranche. Then, on May 12, 2017, financial close was reached on a deal in which a syndicate of eight banks — including BOC — entered into a $537.60 million CAD ($392.45 million USD) syndicated loan agreement with Nieuport Aviation Infrastructure Partners GP for the Billy Bishop Toronto Airport 2017 Refinancing Project. This loan was divided into two tranches: a $72.00 million CAD ($52.56 million USD) revolver tranche with a maturity period of five years and a final maturity date of May 12, 2022; and a $465.60 million CAD ($339.89 million USD) term loan tranche with a maturity period of five years and a final maturity date of May 12, 2022. The proceeds were to be used by the borrower fore refinancing of the Billy Bishop Toronto Airport related existing facilities. BOC contributed $5.81 million CAD ($4.24 million USD) to the $72 million CAD revolver tranche. Record ID#101977 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the $72 million CAD revolver tranche: Caisse Centrale Desjardins ($11.61 million CAD; $8.48 million USD), Intesa Sanpaolo S.p.A. ($8.70 million CAD; $6.35 million USD), National Bank Financial Inc. (NBF) ($11.61 million CAD), Banco Santander S.A. ($6.97 million CAD; $5.09 million USD), the Bank of Nova Scotia (Scotiabank) ($11.61 million CAD), and Siemens Bank GmbH ($3.48 million CAD; $2.54 million USD). BOC contributed $37.54 million CAD ($27.41 million USD) to the $465.6 million CAD term loan tranche. Record ID#101978 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the $465.6 million CAD term loan tranche: Caisse Centrale Desjardins ($68.31 million CAD; $49.87 million USD), Intesa Sanpaolo ($56.31 million CAD; $41.11 million USD), NBF ($68.31 million CAD), Banco Santander ($45.05 million CAD; $32.89 million USD), Scotiabank ($68.31 million CAD), Siemens Bank ($22.53 million CAD; $16.44 million USD), and SBI Canada Bank ($20.35 million CAD; $14.86 million USD).