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Overview

China Everbright Bank contributes to a $200 million AUD syndicated revolving credit facility to Metcash for refinancing purposes

Commitments (Constant USD, 2023)$13,123,877
Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2022
Last repayment (originally scheduled)
May 1, 2026

Geospatial footprint

Map overview

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The project involved a $200 million AUD syndicated revolving credit facility to Metcash for refinancing purposes. The Metcash headquarters are located in Macquarie Park, Sydney, Australia. More detailed locational information can be found at https://www.openstreetmap.org/way/148396294.

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Everbright Bank

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • First Commercial Bank Limited
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • Metrics Credit Partners Pty Ltd
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Metcash Limited

Loan description

China Everbright Bank contributions to a $200 million AUD syndicated revolving credit facility to Metcash for refinancing purposes

Interest rate (t₀)•3.297%Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

In May 2022, a syndicate of 10 banks — including China Everbright Bank — entered into a $200.0 million AUD ($144 million USD) syndicated senior unsecured revolving credit facility (RCF) agreement with Metcash Limited — an Australian wholesale retail and consumer good company headquartered in Macquarie Park, New South Wales and listed on the Australian Securities Exchange — for refinancing purposes. This RCF carried a maturity period of four years, a final maturity date in May 2026, and an interest rate of BBSY plus a margin of 145 basis points (bps). The proceeds were to be used by the borrower to partially refinance a 2019 borrowing that consisted of a $450 million AUD revolver split into a $150 million AUD three-year tranche maturing in May 2022, a $200 million AUD four-year tranche maturing in May 2023, and a $100 million AUD five-year tranche maturing in May 2024. In addition to China Everbright Bank, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), MUFG Bank, Ltd., Coöperatieve Rabobank U.A., Westpac Banking Corporation, Commonwealth Bank of Australia (CBA), Metrics Credit Partners Pty Ltd, Mizuho Bank, First Commercial Bank, and Hua Nan Commercial Bank (HNCB). ANZ, MUFG, Rabobank, and Westpac served as mandated lead arrangers and bookrunners. China Everbright joined in syndication as mandated lead arranger. CBA, Metrics Credit Partners, and Mizuho joined in syndication as arrangers. First Commercial Bank and HNCB joined in syndication as arrangers.

Staff comments

1. The individual contributions of the 10 lenders to this $200 million AUD syndicated revolving credit facility are unknown. For the time being, AidData has estimated the contributions of China Everbright Bank by assuming each lender contributed equally ($20,000,000 AUD) to the loan syndicate. 2. A 6-month BBSY rate was assumed. The average BBSY rate for May 2022 was 1.827740909%. Therefore, the interest rate has been coded as 1.847% + 1.45% (145 bps) = 3.297%.