Narrative
Full Description
Project narrative
On June 29, 2020, financial close was reached on a deal in which a syndicate of six banks — including the Industrial and Commercial Bank of China (ICBC) — provided a $450 million AUD ($309.27 million USD) syndicated loan to South East Australia Gas Pty Ltd — an Australia-incorporated special purpose vehicle and a joint venture of Australian industry superannuation fund REST Super (50% equity stake) and Australian national gas distribution firm APA Group (50% equity stake) that owns and operates the SEA Gas Pipeline — for the Seagas Pipeline Refinancing Project. The proceeds of this syndicated loan were used by APA Group and the Retail Employees Superannuation Trust to refinance the Seagas Pipeline, a 700 kilometer pipeline runs from the Iona Gas Plant near Port Campbell in the State of Victoria to the Pelican Point Power Station at Port Adelaide in the State of South Australia. ICBC committed $75,000,000 AUD ($51.54 million USD) to the syndicated loan, and the other five lenders contributed the same amount. In addition to ICBC, the following banks contributed to this syndicated loan: BNP Paribas S.A., the Crédit Agricole Group, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), the Commonwealth Bank of Australia (CBA), and Australia and New Zealand Banking Group Limited (ANZ). All lenders served as mandated lead arrangers.