Narrative
Full Description
Project narrative
On June 14, 2017, a syndicate of nine banks — including the Bank of China (BOC) — entered into a multi-currency $910 million AUD syndicated loan facility with SEEK Limited, an Australian human resource consulting company. This syndicated loan facility was a revolving, unsecured senior debt facility comprised of three tranches: an Australian dollar-denominated $190 million AUD Tranche A which carried a maturity period of two years and a final maturity date of July 2019; an Australian dollar-denominated $360 million AUD Tranche B, which carried a maturity period of three years and a final maturity date of July 2020; and a U.S. dollar-denominated $275 million USD Tranche C, which carried a maturity period of four years and a final maturity date of July 2021. This facility refinanced a previous $880 million AUD facility; BOC did not participate in that facility, but the other eight syndicate members. The facility also had transaction costs of $2.1 million AUD. SEEK Limited and certain subsidiaries provided unsecured guarantees for this syndicated loan facility. In addition to BOC, the following banks contributed to this syndicated loan facility: National Australia Bank Limited (NAB), HSBC Bank PLC, Westpac Banking Corporation, Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Sumitomo Mitsui Banking Corporation (SMBC), and United Overseas Ban, Limited (UOB). As of June 30, 2017, a total of $618.5 million AUD had been drawn down under this facility; namely $263 million AUD and $273 million USD. As of June 30, 2018, a total of $786.6 million AUD had been drawn down under this facility; namely; namely $489 million AUD and $220 million USD. In December 2018, SEEK Limited refinanced its syndicated loan facility into revolving facilities of $625.0 million AUD, $275 million USD, and two term loans totaling $100 million USD. Record ID#93607 captures BOC's contribution to $190 million AUD Tranche A. Record ID#93608 captures BOC's contribution to $360 million AUD Tranche B. Record ID#93609 captures BOC's contribution to $275 million USD Tranche A.
Staff comments
1. The individual contribution of the nine lenders to the $275 million USD Tranche C of a $910 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC to Tranche C by assuming that each lender contributed an equal amount ($30,555,555.5556 USD) to the tranche.