Narrative
Full Description
Project narrative
On December 2, 2022, financial close was reached on a deal in which a syndicate of nine banks — including the Bank of China (BOC) and China Everbright Bank — entered into a $1.190 billion AUD ($810.70 million USD) syndicated loan agreement with Alinta Energy Pty Limited — an Australia-incorporated electricity generation and gas retailing company supplying natural gas and electricity headquartered in Sydney, New South Wales wholly-owned by Chow Tai Fook Enterprises Limited (CTFE), Hong Kong–incorporated and based conglomerate holding vehicle of the Cheng Yu-tung family, with diversified investments in jewelry, real estate, hotels, infrastructure, energy, transportation, telecommunications, and financial services — for refinancing and general corporate purposes and to fund its energy projects. The loan was divided into six tranches: a $225.00 million AUD ($158.28 million USD) term loan tranche with a maturity period of three years; a $170.00 million AUD ($115.81 million USD) term loan tranche with a maturity period of four years; a $200.00 million AUD ($136.25 million USD) revolver tranche with a maturity period of five years; a $225.00 million AUD ($153.28 million USD) revolver tranche with a maturity period of five years; a $270.00 million AUD ($183.94 million USD) revolver tranche with a maturity period of three years; and a $100.00 million AUD ($68.13 million USD) revolver tranche with a maturity period of five years. The proceeds were to be used by the borrower for refinancing purposes and for its corporate financing requirements and funding the pipeline of energy projects it currently had under development, including renewable and battery storage assets. In addition to BOC and China Everbright Bank, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), DBS Bank, MUFG Bank, Ltd., Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Sumitomo Mitsui Banking Corporation (SMBC), United Overseas Bank Limited (UOB), and Standard Chartered Bank plc. Each lender except Standard Chartered Bank, including BOC and China Everbright Bank, contributed $28,125,000 AUD ($19.16 million USD), to the $225 million AUD term loan, as captured by Record ID#110766 and #110767, respectively. Each lender except Standard Chartered Bank, including BOC and China Everbright Bank, contributed $21,250,000 AUD ($14.48 million USD), to the $170 million AUD term loan, as captured by Record ID#110768 and #110772, respectively. Each lender except Standard Chartered Bank, including BOC and China Everbright Bank, contributed $25,000,000 AUD ($17.03 million USD), to the $200 million AUD revolver, as captured by Record ID#110769 and #110773, respectively. Each lender except Standard Chartered Bank, including BOC and China Everbright Bank, contributed $28,125,000 AUD ($19.16 million USD), to the $225 million AUD revolver, as captured by Record ID#110770 and #110774, respectively. Each lender except Standard Chartered Bank, including BOC and China Everbright Bank, contributed $33,750,000 AUD ($22.99 million USD), to the $270 million AUD revolver, as captured by Record ID#110771 and #110775, respectively. CBA, MUFG, and Standard Chartered Bank each provided about $33,333,333.3333 AUD ($22.71 million AUD) to the $100 million AUD revolver tranche.