Narrative
Full Description
Project narrative
On December 19, 2013, a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $530 million AUD syndicated facility (loan) agreement with Australian agricultural chemical company Nufarm Limited. The senior secured syndicated bank facility consisted of a $520 million AUD tranche with a maturity period of three years and a final maturity date of December 2016 and a $10 million AUD tranche with a maturity period of one year and a final maturity date of December 2014. The syndicated bank facility was secured by (i.e. collateralized against) Nufarm assets in its primary geographies, namely Australia, New Zealand, and the United States. It also included financial covenants typical of syndicated facilities of its ilk. The proceeds of this loan were intended to support Nufarm's working capital and general corporate purposes. This syndicated facility replaced Nufarm's previous $406 million AUD syndicated facility. In addition to ICBC, the following banks contributed to this syndicated facility: Coöperatieve Rabobank U.A., Australia and New Zealand Banking Group (ANZ), Credit Suisse AG, Deutsche Bank AG, UBS AG, HSBC Bank PLC, Mizuho Bank, UniCredit AG, and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). As of July 31, 2014, $51 million AUD had been drawn down under the syndicated facility. On February 23, 2015, the syndicated bank facility was refinanced; its amount was increased to $540 million AUD with $150 million AUD due to February 2018, $30 million AUD due in December 2017, $350 million AUD due in December 2016, and $10 million AUD due in December 2015. It is unclear whether ICBC participated in this refinancing. Record ID#93769 captures ICBC's contribution to the $520 million AUD tranche. Record ID#93770 captures ICBC's contribution to the $10 million AUD tranche.
Staff comments
1. The individual contribution of the 10 lenders to the $10 million AUD tranche of the $530 million AUD syndicated loan is unknown. For the time being, AidData has assumed all lenders contributed to both tranches. AidData has estimated the contribution of ICBC to the $10 million AUD tranche by assuming that each lender contributed an equal amount ($1,000,000 AUD) to the tranche.