Narrative
Full Description
Project narrative
On February 2, 2016, it was announced that a syndicate of 13 banks — including the Sydney Branch of the Bank of China (BOC) — had entered into a $700 million AUD syndicated debt facility agreement with Victoria Power Networks (Finance) Pty Ltd (VPNF) — a special purpose and common funding vehicle for CitiPower and Powercor Australia, Australian electricity distributors collectively known as Victoria Power Networks, both of which are owned by Hong Kong-based CK Infrastructure Holdings Ltd (CKI) and Power Asset Holdings Ltd (PAH) (51%) and Spark Infrastructure (49%) — to repay $685 million AUD in short-term bank debt bridging facilities from the Commonwealth Bank of Australia (CBA), JP Morgan Chase Bank, N.A., and the Sydney Branch of Mizuho Bank, Ltd. The $700 million AUD syndicated debt facility was divided into three tranches: a $250 million AUD tranche with a maturity period of three years; a $350 million AUD tranche with a maturity period of four years; and a $100 million AUD tranche with a maturity period of five years. In addition to the Sydney Branch of BOC, the following banks contributed to this syndicated loan: CBA, Chase Bank, the Sydney Branch of Mizuho Bank, Australia and New Zealand Banking Group (ANZ), Canadian Imperial Bank of Commerce (CIBC), National Australia Bank (NAB), Sumitomo Mitsui Trust Bank, Limited (SMTB), Westpac Banking Corporation, the Singapore Branch of Crédit Industriel et Commercial, the Sydney Branch of The Hongkong & Shanghai Banking Corporation Ltd (HSBC), the Sydney Branch of Mega International Commercial Bank Co., Ltd, Sydney Branch and The Bank of Nova Scotia Asia Limited (BNS Asia). CBA, Chase Bank, and the Sydney Branch served as mandated lead arrangers and bookrunners. ANZ, CIBC, NAB, SMTB, and Westpac served as mandated lead arrangers. The Sydney Branch of BOC, the Singapore Branch of CIC, the Sydney Branch of HSBC, the Sydney Branch of Mega International Commercial Bank, and BNS Asia served as lead arrangers. Record ID#93772 captures BOC's contribution to the $250 million AUD tranche. Record ID#93773 captures BOC's contribution to the $350 million AUD tranche. Record ID#93774 captures BOC's contribution to the $100 million AUD tranche.
Staff comments
1. AidData has assumed each lender contributed to each tranche. The individual contribution of the 13 lenders to the $250 million AUD tranche of a $700 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 ($19,230,769.2308 AUD) to the tranche.