Agricultural Bank of China contributes $100 million AUD to a $1.5 billion AUD syndicated loan to Hutchison 3G Australia for refinancing and working capital purposes

Project narrative

On August 17, 2004, a syndicate of 11 banks — including the Agricultural Bank of China (ABC) — signed a $1,500,000,000 AUD syndicated term loan facility agreement with Hutchison 3G Australia Pty Limited (H3GA) — an Australia-incorporated 3G telecommunications company and a wholly-owned subsidiary of Australia-incorporated Hutchison 3G Australia Holdings Pty Limited, a wholly-owned subsidiary of Hutchison Telecommunications (Australia) Limited (HTAL), an Australia-incorporated telecommunications company listed on the Australian Securities Exchange but 57.82% owned by Hutchison Communications (Australia) Pty Limited which is wholly-owned by Hong Kong-based conglomerate Hutchison Whampoa Limited (HWL) and 12.5% owned by Leanrose Pty Limited, a private company of the Roberts-Thomson family — for refinancing and working capital purposes. This loan carried a maturity period of five years and a final maturity date of August 17, 2009 and an interest rate of BBSY plus a margin of 2.22% per annum. HWL issued a full guarantee for the principal and interest of this loan. The proceeds were to be used by the borrower to refinance its current short-term bilateral arrangements for for general working capital requirements, with the facility, alongside existing funding arrangements, expected to fully cover peak funding requirements of the 3G business. ABC contributed $100 million AUD. In addition to ABC, the following lenders contributed the respective amounts to the loan syndicate: ANZ Investment Bank ($350 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($246 million AUD), BA Asia Limited ($91 million AUD), Société Générale S.A. (SocGen) ($91 million AUD), ING Group N.V. ($72 million AUD), Commerzbank AG ($150 million AUD), KfW ($150 million AUD), Bayerische Landesbank (BayernLB) ($100 million AUD), RBS Australia ($100 million AUD), and the Bank of Nova Scotia (Scotiabank) ($50 million AUD). ANZ, SMBC, BA Asia, SocGen, and ING served as mandated lead arrangers. Commerzbank and KfW served as sub-underwriters. As of December 31, 2004, the facility had been fully drawn down. The loan was fully repaid in 2008.