Narrative
Full Description
Project narrative
In January 2021, a syndicate of three banks — China Everbright Bank, Taipei Fubon Commercial Bank, and First Commercial Bank — signed a $200 million NZD-equivalent syndicated loan agreement with Todd Energy Limited — a New Zealand-incorporated and based petroleum and gas exploration and production company and subsidiary of New Zealand family-owned Todd Corporation — for unspecified purposes. This loan was divided into two tranches: a $186 million NZD tranche and a $10 million USD, This loan carried a maturity period of 5.5 years. In late February 2021, Todd Energy invited lenders to join an accordion of up to $150 million NZD-equivalent ($119 million USD) for the $200 million NZD loan, with an interest rate of BKBM plus a margin of 230 basis points (bps) for the NZD portion and an interest rate of LIBOR plus a margin of 210 bps for the USD portion, with MUFG as the sole mandated lead arranger and bookrunner. Banks were invited as mandated lead arrangers for commitments above $75 million NZD-equivalent, as lead arrangers for $50 million NZD to $74 million NZD, and arrangers for $25 million NZD to $49 million NZD, with an upfront fee of 55 bps for all.
Staff comments
1. The individual contributions of the three lenders to this $200 million NZD-equivalent loan are unknown. For the time being, AidData has assumed each lender contributed to each tranche. Therefore, to estimate the contribution of China Everbright Bank, AidData has assumed that each lender contributed equally ($66,666,666.6667 NZD) to the loan syndicate. 2. Todd is responsible for more than 50% of New Zealand's hydrocarbon energy production. Todd Energy operates three onshore natural gas operations: McKee and Mangahewa in North Taranki and Kapuni in South Taranaki.