ICBC contributes $15.5 million AUD to the $131 million AUD revolver tranche of a $2.682 billion AUD syndicated loan for the Sydney Metro – Western Sydney Airport Light Rail Transit Stations, Systems, Trains, Operations and Maintenance (SSTOM) PPP Project (Linked to Record ID#105013)

Project narrative

On December 15, 2022, financial close was reached on a deal in which a syndicate of nine banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $2.682 billion AUD ($1.83038 billion USD) syndicated loan agreement with Parklife Metro Finance Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of Australia-incorporated SPV Parklife Metro Finance Holdings Pty Ltd, a joint venture of Australia's Plenary Group (25% equity stake), RATP Developpement (RATP Dev) (25% equity stake), Germany's Siemens Mobility GmbH (25% equity stake), and Italy's Webuild S.p.A. (25% equity stake). — for the Sydney Metro – Western Sydney Airport Light Rail Transit (LRT) Stations, Systems, Trains, Operations and Maintenance (SSTOM) Public-Private Partnership (PPP) Project. This loan was divided into two tranches: a $2.551 billion AUD ($1.74098 billion USD) term loan tranche with a maturity period of six years and nine months (6.75 years) and a final maturity date of September 30, 2029; and a $131.00 million AUD ($89.40 million USD) revolver tranche with a maturity period of six years and nine months (6.75 years) and a final maturity date of September 30, 2029. This loan was secured (collateralized) with National Australia Bank Limited (NAB) as Agent and Security Trustee. The borrower would receive license payments for the licensed maintenance area and other additional maintained assets from Parklife Metro Unit Trust (with Parklife Metro Pty Ltd as trustee) to be used to repay the debt. In addition to ICBC, the following lenders contributed to the loan syndicate: Export Development Canada (EDC), KfW IPEX-Bank GmbH, Mizuho Financial Group (MHFG), MUFG Bank, Ltd., NAB, Norinchukin Bank, Oversea-Chinese Banking Corporation Limited (OCBC Bank), and Westpac Banking Corporation. Eight lenders, including ICBC, contributed $301.50 million AUD ($205.76 million USD) and Mizuho Financial Group contributed $139.00 million AUD ($94.86 million USD) to the $2.551 billion AUD term loan tranche. Record ID#105013 captures ICBC's contribution. Eight lenders, including ICBC, contributed $15.50 million AUD ($10.58 million USD) and Mizuho Financial Group contributed $7.00 million AUD ($4.78 million USD) to the $131 million AUD revolver tranche. Record ID#105014 captures ICBC's contribution. The proceeds were to be used by the borrower for the SSTOM contract awarded on December 15, 2022 for the 23 kilometer-long Sydney Metro – Western Sydney Airport LRT connecting the new Western Sydney International (Nancy-Bird Walton) Airport to Sydney's rail network, which involved the construction of six new light rail stations between St Marys and the new Bradfield City Centre station (St Marys; Orchard Hills, Luddenham, two stations at Sydney Airport at the airport terminal and the airport business park, Bradfield City Centre; and Western Sydney Aerotropolis), 12 new metro trains (rolling stock), core rail systems, a stabling and maintenance facility at Orchard Hills, an operational control centre, local area works including new precinct streets, street and intersection modifications, landscaping, and the provision of new and upgraded transport interchange infrastructure at selected locations, and property works and utility services works, the acceptance and fit-out of Station Box and Tunnelling Works and Surface Civil and Alignment Works done by other contractors, and the operation and maintenance of the Sydney Metro – Western Sydney Airport LRT for 15 years once put into operation. The St Marys station would serve as an underground interchange station, connecting to the existing Sydney Trains rail network. The Orchard Hills station would will service a future mixed-use urban village. The Luddenham station would offer transport links for future education, innovation, and commercial areas. There would be two stations at Western Sydney, one at the airport’s integrated international and domestic terminal and the other at the airport business park. The entire metro was expected to carry up to 7,740 passengers per hour in each direction and was expected to remove approximately 110,000 vehicles from the roads, shortening the travel time from St Marys to the airport terminal to 15 minutes. The core contractors, operating in an unincorporated joint venture, were Webuild S.p.A., Siemens Mobility GmbH, Siemens Mobility Austria GmbH, and Siemens Mobility Pty Ltd for design and construction (D&C) and RATP Dev WSA Pty Ltd for operations and maintenance (O&M). Hassell Limited, Rhomberg Rail Australia Pty Ltd, Richard Crookes Constructions Pty Ltd (RCC), Siemens Mobility Pty Ltd, and an unincorporated joint venture of SMEC Australia Pty Ltd and Arup Australia Projects Pty Ltd served as significant contractors. Clough, a subsidiary of Webuild, was involved in project implementation. Siemens Mobility was specifically responsible for the supply, integration, testing, and commissioning of 12 fully automated, driverless three-car metro trains, a depot, and digital rail infrastructure including signaling, electrification, telecoms, and platform screen doors, and 15 years of maintenance for the SSTOM project under a €900 million EUR turnkey contract. Major works for the project had begun prior to late June 2024, with piling works at the site of St Marys Metro Station.