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Overview

Bank of China contributes to a $250 million AUD syndicated loan to ETSA Utilities Finance for repayment of medium-term note debt

Commitments (Constant USD, 2023)$40,783,111
Commitment Year•2017Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 7, 2017
Last repayment (originally scheduled)
Jun 6, 2021

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Canadian Imperial Bank of Commerce (CIBC)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • ETSA Utilities Finance Pty Limited

Loan description

Bank of China contributions to a $250 million AUD syndicated loan to ETSA Utilities Finance for repayment of medium-term note debt

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On June 7, 2017, it was announced that a syndicate of five banks — including the Bank of China (BOC) — had entered into a $250 million AUD syndicated debt facility agreement with ETSA Utilities Finance Pty Limited — a special purpose vehicle for the funding of South Australia's electricity distributor SA Power Networks Partnership, itself owned by Hong Kong-based Cheung Kong Infrastructure Holdings (51%) and Spark Infrastructure (49%) — to repay its Australian Medium Term Note (AMTN) debt maturing on September 7, 2017. The syndicated facility carried a maturity period of four years and a final maturity date of June 2021. In addition to BOC, the following banks contributed to the loan: the Commonwealth Bank of Australia (CBA), Canadian Imperial Bank of Commerce (CIBC), National Australia Bank Limited (NAB), and Westpac Banking Corporation. CBA served as mandated lead arranger, bookrunner, and agent. This debt was drawn drown by December 2017.

Staff comments

1. The individual contribution of the five lenders to the $250 million 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 ($50,000,000 AUD) to the syndicated loan. 2. AidData has coded the project_status field as Completion as the proceeds of this loan were used to repay debt and it was fully drawn down.