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Overview

China Construction Bank (New Zealand) provides a $25 million NZD loan to Wellington International Airport Limited for unspecified purposes (Linked to Record ID#92167 and #92168)

Commitments (Constant USD, 2023)$16,748,926
Commitment Year•2020Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2020

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank (New Zealand) Limited (CCB NZ)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Wellington International Airport Limited (WIAL)

Loan description

China Construction Bank (New Zealand) provides a $25 million NZD loan to Wellington International Airport Limited for unspecified purposes

Interest type•Unknown

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 the facility. Between 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. 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.