Bank of China (Sydney Branch) contributes $20 million USD to a $500 million USD syndicated loan to Foster's Group for general corporate and refinancing purposes

Project narrative

Between August 9 and 15, 2009, a syndicate of banks — including the Macau and Sydney Branches of the Bank of China (BOC), the Bank of Communications (BoComm), and Citic Ka Wah Bank — signed a $500 million USD ($613 million AUD) syndicated multi-tranche debt facility agreement with FBG Treasury (Aust.) Limited — an Australia-incorporated finance subsidiary of Australian brewing company Foster's Group Limited — for refinancing and general corporate purposes. This loan carried a maturity period of three years, a bullet repayment profile, and a top-level all-in interest rate of LIBOR plus a margin of 310 basis points (bps). It consisted of three tranches: a $165 million USD term loan tranche, a $155 million USD dual-currency revolver tranche, and a $180 million USD revolver tranche. Foster's Group Limited issued a guarantee for this loan. The proceeds were to be used by the borrower to repay existing debt facilities (replacing facilities maturing in 2011) and for its general corporate purposes, such as maintaining its liquidity. The Macau Branch of BOC contributed $27 million USD and the Sydney Branch of BOC contributed $20 million USD. Citic Ka Wah Bank contributed $34 million USD. BoComm contributed $7 million USD. Record ID #93211 captures the $27 million USD contribution from BOC Macau Branch. Record ID #109950 captures the $20 million USD contribution from BOC Sydney Branch. Record ID #99765 captures Citic Ka Wah Bank's $34 million USD contribution. Record ID #99766 captures BoComm's $7 million USD contribution. In addition to the Chinese state-owned banks, the following lenders contributed the respective amounts to the loan syndicate: Australia and New Zealand Banking Group (ANZ) ($50 million USD), the Commonwealth Bank of Australia (CBA) ($50 million USD), and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($50 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($35 million USD), the Bank of Nova Scotia (Scotiabank) ($34 million USD), DBS Bank ($34 million USD), Bank of America ($20 million USD), Intesa Sanpaolo S.p.A. ($20 million USD), Mitsubishi UFJ Lease & Finance ($20 million USD), Citibank ($14 million USD), Chang Hwa Commercial Bank ($11 million USD), Mega International Commercial Bank ($11 million USD), Taiwan Business Bank (TBB) ($7 million USD), Bank of Taiwan ($7 million USD), Cathay United Bank ($7 million USD), Chinatrust Commercial Bank ($7 million USD), Hua Nan Commercial Bank (HNCB) ($7 million USD), Land Bank of Taiwan (LBOT) ($7 million USD), Taipei Fubon Commercial Bank ($7 million USD), Taishin International Bank ($7 million USD), and Yuanta Commercial Bank ($7 million USD). ANZ, BTMU, and CBA served as the original mandated lead arrangers and joint bookrunners. Citic Ka Wah Bank, BOC Macau Branch, BOC Sydney Branch, SMBC, Scotiabank, and DBS served as joint lead arrangers. Bank of America, Intesa Sanpaolo, and Mitsubishi UFJ Lease & Finance joined in syndication as lead arrangers. Citibank served as arranger. Chang Hwa Commercial Bank, Mega International Commercial Bank, and TBB served as senior managers. The facility was up-sized from $300 million USD to $500 million USD during syndication due to strong demand.