Narrative
Full Description
Project narrative
In or around December 18, 2021, a syndicate of nine banks — including the Bank of China (BOC) and the Bank of Communications (BoComm) — entered into a $840 million AUD ($603 million USD) syndicated loan agreement with MIWT Finance Company Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) jointly owned by LOGOS Property Group Limited, Ivanhoé Cambridge, AustralianSuper, TCorp (NSW Treasury Corporation), and AXA IM Alts — for the acquisition of 100% of the warehousing and property components of and development for Moorebank Logistics Park. This facility carried a maturity period of four years and was divided into four tranches: a $190 million AUD investment tranche known as 'Facility A' with an interest rate of BBSY plus a margin of 180 basis points (bps); $380 million AUD development facilities tranche known as 'Facility B' with an interest rate of BBSY plus a margin of 225 bps; $250 million AUD known as 'Facility C' with an interest rate of BBSY plus a margin of 250 bps; and a $20 million AUD working capital tranche known as 'Facility D'. Record ID#106339 captures BOC's contribution. Record ID#106340 captures BoComm's contribution. In addition to BOC and BoComm, the following lenders contributed to the loan syndicate: Crédit Agricole Corporate and Investment Bank (CACIB), Standard Chartered Bank plc, Sumitomo Mitsui Banking Corporation (SMBC), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Bank of Queensland, Clifford Capital Pte. Ltd. (CCPL), and KEB Hana Bank. CACIB, Standard Chartered, and SMBC served as mandated lead arrangers and bookrunners and underwriters. OCBC Bank joined as a mandated lead arranger prior to general syndication. Five lenders joined in syndication, Bank of Queensland, Clifford Capital, and KEB Hana Bank joined as other mandated lead arrangers. BOC and BoComm joined as lead arrangers. The proceeds were to be used by the borrower to finance the $1.67 billion AUD acquisition of 100% of the warehousing and property components in Moorebank Logistics Park (MLP) from Qube Holdings and for the development of the asset, a freight infrastructure project located at a 243-hectare site in southwestern Sydney, New South Wales that would connect Port Botany to rail terminals and warehousing facilities including the funding of Woolworths Group's two warehouse distribution facilities as Woolworths. Qube retained ownership of the intermodal rail terminals. $1.36 billion AUD of the purchase price was paid on close and $312 million AUD was deferred to paid as construction of stage 1 of the interstate rail terminal was delivered and the balance will be payable upon receipt of certain planning approvals for the remainder of the warehousing development. The MLP was expected to crucial for the regional Australian economy via improving the supply chain and feature advanced automation with rooftop solar pannels and green buffers and designs to receive heat emissions by four degrees Celsius. The binding agreement for the sale was announced on July 6, 2021.The completion of the sale was announced on December 15, 2021.
Staff comments
1. The individual contributions of the 9 lenders to this $840 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 ($93,333,333.3333 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 interest rate margin and used it to code the margin of interest rate {[(180 + 225 + 250) / 3] = 218.333333333 bps} to feed into the interest rate (assuming a 6-month BBSY, the average 6-month BBSY for December 18, 2021 being 0.2568%, the Interest Rate At T0(%) was coded as 0.2568% + 2.18333333333% = 2.44013333333%).