Overview

Bank of China New Zealand extends the maturity period of a $30 million NZD loan to Auckland International Airport Limited (Linked to Record ID#92157)

Commitment Year•2020Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Bank of China (New Zealand) Limited (BOC New Zealand)

Receiving agencies

Private Sector

Auckland International Airport Limited (AIAL)

Loan description

Bank of China New Zealand extends the maturity period of a $30 million NZD loan to Auckland International Airport Limited (Linked to Record ID#92157)

Interest type•UnknownMaturity•4.2 years

Narrative

Full Description

Project narrative

In November 2017, the Bank of China (New Zealand) Limited (BOC New Zealand) entered into a multi-currency $30.0 million NZD facility (loan) agreement with Auckland International Airport Limited, the owner and operator of Auckland Airport, for unspecified purposes. This facility carried a maturity period of approximately 45 months (3.75 years), a final maturity date of August 17, 2021, and was supported by a negative pledge deed. This facility is captured by linked Record ID#92157. As of June 30, 2018, all funds under this facility had been drawn down. Then, in April 2020, due to the outbreak of the COVID-19 pandemic, BOC New Zealand amended the final maturity date of this facility to January 31, 2022, extending the maturity period to approximately 50 months (~4.2 years). This extension is captured by this project. At this time, $20 million NZD of the funds under this facility were undrawn.