Narrative
Full Description
Project narrative
On December 14, 2021, financial close was reached on a deal in which a syndicate of 14 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $4.000 billion USD syndicated Multi-Option Revolving Credit Facility (RCF) agreement with IFM Global Infrastructure Fund (GIF) — a Cayman Islands-incorporated independently managed open-ended global infrastructure investment fund advised by IFM Investors Pty Ltd, an Australian global infrastructure specialist — for refinancing purposes. This RCF carried a maturity period of four years and a final maturity date of November 30, 2025 and included a $2.0 billion USD accordion feature. The proceeds were to be used by the borrower to refinance its existing $4 billion USD facility and to provide letter of credits at the investment level (i.e. project level) and post good faith letters of credit as part of acquisition bids for infrastructure assets/businesses. BOC contributed $215.00 million USD and ICBC contributed $50.00 million USD to the loan syndicate. Record ID#106064 captures BOC's contribution. Record ID#106065 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the loan syndicate: Australia and New Zealand Banking Group (ANZ) ($445.00 million USD), Bank of America Corporation ($130.00 million USD), Canadian Imperial Bank of Commerce (CIBC) ($420.00 million USD), Commonwealth Bank of Australia (CBA) ($440.00 million USD), HSBC Bank ($145.00 million USD), Mizuho Bank, Ltd. ($445.00 million USD), MUFG Bank, Ltd. ($310.00 million USD), National Australia Bank Limited (NAB) ($500.00 million USD), Royal Bank of Canada (RBC) ($130.00 million USD), Société Générale S.A. (SocGen) ($130.00 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($310.00 million USD), and Westpac Banking Corporation ($310.00 million USD).