Narrative
Full Description
Project narrative
In December 2017, as part of the refinancing of the bank facilities of Wellington International Airport Limited (WIAL), China Construction Bank (New Zealand) Limited (CCB NZ) entered into a $15,000,000 NZD facility (loan) agreement with WIAL — a joint venture between NZ Airports Limited (66%), which is wholly owned by Infratil Limited, and the Wellington City Council (34%) that operates the Wellington Airport — for unspecified purposes. This loan carried a maturity period of three years and a final maturity date of December 31, 2020. Record ID#92167 captures this facility. No funds were drawn down from this facility during the 2018 and 2019 fiscal years (April 1, 2018 to March 31, 2019). No funds were also drawn down from this facility in the 2020 fiscal year. Between April 1, 2020 and September 30, 2020, WIAL drew down on the full $15 million NZD of this facility. Furthermore, on or around June 1, 2020, due to the outbreak of the COVID-19 pandemic, which was expected to lead to a breach in certain covenants of WIAL's facilities, CCB NZ amended the maturity date of the $15 million NZD facility from December 31, 2020 to August 2023, extending the maturity period by two years and eight months (32 months) for a new maturity period of ~5.67 years. Record ID#92168 captures this extension. Also, on or around June 1, 2020, CCB NZ entered into a $25,000,000 NZD facility agreement with WIAL for unspecified purposes. This facility carried a final maturity date of May 2022. As of March 31, 2021, all $25 million NZD had been drawn down from this facility {{see date at pg.9 of ID#163818; maturity and drawdown at pg.21 of #163830; and #189591}. Record ID#92170 captures this facility.
Staff comments
1. There is a substantial disagreement between WIAL's half-year financial statements for the fiscal year 2021 and its annual report for the fiscal year 2021. The former ("Wellington International Airport Limited Consolidated Financial Statements for the Six Months Ended 30 September 2020") states that the $25 million NZD facility had a final maturity date in August 2023 and that the $15 million NZD facility had an extended maturity date in May 2022. The latter ("Wellington International Airport Limited Consolidated Annual Report For the Year Ended 31 March 2021") states that the $15 million NZD facility had an extended final maturity date in August 2023 and that the $25 million NZD facility had a maturity date in May 2022. Since the annual report is more recent, AidData has based its coding decisions on that document. This issue merits further investigation.