Narrative
Full Description
Project narrative
On February 21, 2017, the Sydney Branch of the Bank of China (BOC) entered into a $30 million AUD facility (loan) agreement with Blackmores Limited — an Australian health supplements firm — for unspecified purposes. This facility carried a maturity period of four years and a final maturity date of March 1, 2021.
Staff comments
1. On April 8, 2019, Blackmores entered into new funding arrangements with BOC, HSBC Bank Australia Limited, National Australia Bank Limited (NAB), and Westpac Banking Corporation with maturity dates of April 2022, April 2023 and April 2024. These funds were available for general corporate purposes (see pg.108 of "Blackmores Limited Annual Report 2019"). It is unclear whether these new funding arrangements were the result of a cancellation or restructuring of the 2017 facility, or simply represented entirely new commitments. Since it appears BOC participated in these new funding arrangements in a syndicate and the maturity dates are different than the 2017 facility, AidData has determined that it either represented a restructuring or new commitment; since there is no risk of duplication, as the value of the 2019 funding arrangement, AidData has coded the 2019 funding arrangement into three tranches of a single loan. This issue merits further investigation. Record ID#93274 captures BOC's contribution to the tranche with a maturity date of April 2022. Record ID#93275 captures BOC's contribution to the tranche with a maturity date of April 2023. Record ID#93276 captures BOC's contribution to the tranche with a maturity date of April 2024.