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Overview

Bank of China contributes to a 2014 $1.5 billion AUD syndicated revolving credit facility to Telstra Corporation for general corporate and refinancing purposes

Commitments (Constant USD, 2023)$66,019,046
Commitment Year•2014Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 9, 2014
Last repayment (originally scheduled)
Jul 8, 2017

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Telstra Corporation Limited

Loan description

Bank of China contributions to a 2014 $1.5 billion AUD syndicated revolving credit facility to Telstra Corporation for general corporate and refinancing purposes

Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On July 9, 2014, a syndicate of 21 banks — including the Bank of China (BOC) — signed a $1.5 billion AUD ($1.4 billion USD) syndicated multi-currency revolving credit facility (RCF) agreement with Australian telecommunications firm Telstra Corporation for general corporate and refinancing purposes. This RCF carried a maturity period of three years and an interest rate based on an applicable base rate plus an initial margin of 80 basis points (bps). Syndication began on May 13, 2014. In addition to BOC, the following banks contributed to this syndicated RCF: the Bank of Tokyo-Mitsubishi UFJ, Limited (BTMU), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB), and Westpac Banking Corporation. BOC, BTMU, CBA, NAB, and Westpac all served as bookrunners and mandated lead arrangers. The proceeds of this loan were to be used by the borrower for general corporate purposes, including refinancing some of Telstra's existing debt and diversifying its funding sources.

Staff comments

1. The individual contribution of the 21 lenders to this $1.5 billion AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($71,428,571.4286 AUD) to the syndicated loan.