Bank of China (Sydney Branch) contributes $22 million USD to a $263 million USD club loan to Wellington Electricity Distribution Network for refinancing and general corporate purposes

Project narrative

Between July 31 and August 6, 2009, a syndicate of five banks — mandated lead arrangers Bank of China (Hong Kong) Limited (BOCHK), the Sydney Branch of the Bank of China (BOC), CCB International Finance Limited, Australia and New Zealand Banking Group (ANZ), and Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) — entered into a $263 million USD club debt facility agreement with Wellington Electricity Distribution Network Limited — a New Zealand-incorporated company that operates the Wellington electricity distribution network that was jointly owned by Cheung Kong Infrastructure Holdings Limited (50% equity stake) and Hongkong Electric Holdings Limited (50% equity stake), both of the Cheung Kong group of companies — for refinancing and general corporate purposes. The facility carried a maturity period of two years. The proceeds were to be used by the borrower to refinance a bridge facility signed in July 2008 and for general corporate purposes. BOCHK contributed $44 million USD, as captured by Record ID#110795. The Sydney Branch of BOC contributed $22 million USD, as captured by Record ID#110796. CCB International Finance contributed $66 million USD, as captured by Record ID#110797. ANZ and BTMU also each committed $66 million USD.