Narrative
Full Description
Project narrative
On December 13, 2021, a syndicate of 23 lenders — including the Sydney Branch of the Bank of China (BOC), Bank of China (Hong Kong) Limited (BOCHK), China Construction Bank Corporation (CCB), and Industrial and Commercial Bank of China (ICBC) — entered into a $2.3567 billion AUD-equivalent syndicated revolving credit facility (RCF) agreement with Origin Energy Finance Limited — a Victoria-incorporated wholly-owned subsidiary of Origin Energy Limited, an Australian electricity generator and electricity and natural gas retailer company listed on the Australian Securities Exchange and headquartered in Barangaroo, Sydney, New South Wales — for unspecified purposes. This loan was divided into four tranches: a $621.65 million AUD tranche known as 'Tranche A' with a maturity period of four years and an interest rate of BBSY or LIBOR plus a margin of 115 basis points (bps); a $800 million AUD tranche known as 'Tranche B' with a maturity period of five years and an interest rate of BBSY or LIBOR plus a margin of 125 bps; a $450 million AUD tranche known as 'Tranche C' with a maturity period of four years and an interest rate of BBSY or LIBOR plus a margin of 115 bps; and a $450 million AUD tranche known as 'Tranche D' with a maturity period of five years and an interest rate of BBSY or LIBOR plus a margin of 125 bps. The margins were tied to Origin Energy's Moody's/S&P ratings, with the Baa2/BBB at signing leading to the current margins. Record ID#106335 captures BOC's contribution. Record ID#106336 captures BOCHK's contribution. Record ID#106337 captures CCB's contribution. Record ID#106338 captures ICBC's contribution. In addition to the four Chinese state-owned banks, the following lenders contributed to the loan syndicate: Commonwealth Bank of Australia (CBA), MUFG Bank, Ltd., National Australia Bank Limited (NAB), Sumitomo Mitsui Banking Corporation (SMBC), DNB Bank, Mizuho Bank, Australia and New Zealand Banking Group (ANZ), DBS Bank, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Bank of America, BNP Paribas S.A., Citigroup, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase Bank, N.A., Mega International Commercial Bank, Royal Bank of Canada (RBC), Société Générale S.A. (SocGen), and UBS AG. CBA, MUFG, NAB, and SMBC served as the original mandated lead arrangers and bookrunners. BOC Sydney Branch, BOCHK, DNB, and Mizuho joined as mandated lead arrangers and bookrunners. ANZ and DBS joined as mandated lead arrangers. CCB, ICBC, and OCBC Bank joined as lead arrangers. Bank of America, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan, Mega International Commercial Bank, RBC, SocGen, and UBS AG joined as arrangers. 18 banks joined in general syndication.
Staff comments
1. The individual contributions of the 23 lenders to this $2.3567 billion AUD syndicated loan facility are unknown, nor it is known how the lenders contributed to the both tranche. For the time, AidData has assumed each lender contributed to each tranche. Therefore, to estimate the Chinese state-owned bank's contributions, AidData has assumed that each lender contributed equally ($102,465,217.391 AUD) to the loan syndicate. 2. As it is unclear how much each Chinese bank contributed to each tranche, assuming they did contribute to each tranche, AidData has taken the average of the maturity periods {[(4 + 5 + 4 + 5) / 4] = 4.5 years} and the average of the interest rate margin and used it to code the margin of interest rate {[(115 + 125 + 115 +125) / 4] = 120 bps} to feed into the interest rate (assuming a 6-month BBSY, the average 6-month BBSY for December 31, 2021 being 0.2635%, the Interest Rate At T0(%) was coded as 0.2635% + 1.20% = 1.4635%).