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Overview

Bank of China contributes $56.87 million AUD to the five-year $447.92 million AUD term loan tranche of a $995.45 million AUD syndicated loan for the Brookfield Rail 2013 Refinancing Project (Linked to Record ID#102077)

Commitments (Constant USD, 2023)$56,739,762
Commitment Year•2013Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 7, 2013
Last repayment (originally scheduled)
Mar 6, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of Nova Scotia (Scotiabank)
  • Mizuho Financial Group (MHFG)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • United Overseas Bank Limited (UOB)
  • Westpac Banking Corporation

State-owned companies

  • Export Development Canada (EDC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Arc Infrastructure (Formerly Brookfield Rail WA Rail Pty Ltd)

Loan description

March 2013 $995.45 million AUD syndicated loan for the Brookfield Rail 2013 Refinancing Project in Australia

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 7, 2013, financial close was reached on a deal in which a syndicate of nine banks — including the Bank of China (BOC) — entered into a $995.45 million AUD ($1.02252 billion USD) syndicated loan agreement with Brookfield Rail WA Rail Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) wholly-owned by Brookfield Asset Management Inc. — for the Brookfield Rail 2013 Refinancing Project. This loan was divided into three tranches: a $447.92 million AUD ($460.10 million USD) term loan tranche with a maturity period of five years; a $447.92 million AUD term loan tranche with a maturity period of three years.; and a $99.61 million AUD ($102.32 million USD) revolver tranche with a maturity period of three years. The proceeds were to be used by the borrower for its refinancing; the borrower is the manager and operator of 5,100 kilometers of open-access multi-user rail freight lines extending throughout the southern half of Western Australia. BOC contributed $56.87 million AUD ($58.42 million USD) to the five-year $447.92 million AUD term loan tranche. Record ID#102076 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Export Development Canada (EDC) ($56.87 million AUD), Australia and New Zealand Banking Group (ANZ) ($56.87 million AUD), Mizuho Financial Group (MHFG) ($56.87 million AUD), MUFG Bank, Ltd. ($56.87 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($56.87 million AUD), Westpac Banking Corporation ($56.87 million AUD), the Bank of Nova Scotia (Scotiabank) ($24.90 million AUD; $25.58 million USD), and United Overseas Bank Limited (UOB) ($24.90 million AUD). BOC contributed $56.87 million AUD to the three-year $447.92 million AUD term loan tranche. Record ID#102077 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: EDC ($56.87 million AUD), ANZ ($56.87 million AUD), MHFG ($56.87 million AUD), MUFG Bank ($56.87 million AUD), SMBC ($56.87 million AUD), Westpac ($56.87 million AUD), Scotiabank ($24.90 million AUD), and UOB ($24.90 million AUD). BOC did not contribute to the $99.61 million AUD revolver tranche, which was provided by ANZ and Westpac providing $49.81 million AUD ($51.16 million USD) each.