Narrative
Full Description
Project narrative
On May 26, 2020, financial close was reached on a deal in which a syndicate of eight banks — including the Bank of China (BOC) — provided a $725 million AUD ($476.93 million USD) syndicated loan to ElectraNet Pty Ltd — a South Australian electricity transmission company then jointly owned by State Grid International Development Asia and Australia Holding Company Limited, subsidiary of Chinese state-owned State Grid International Development Ltd (SGID) (46.56% equity stake), Malaysia-based YTL Power Investments Limited, an investment company of YTL Power International Berhad (33.5% equity stake), and Australian Utilities Pty Ltd, the trustee for the Australian Utilities Trust (19.94% equity stake) — for the ElectraNet 2020 Refinancing Project. This loan carried a maturity period of three years and an interest rate based on a floating rate plus 135 basis points (bps). The proceeds were intended refinance ElectraNet's revolving and term loan facilities. BOC committed $200,000,000 AUD ($131.57 million USD) to the syndicated loan. In addition to BOC, the following banks committed the following amounts to this syndicated revolving facility: National Australia Bank Limited (NAB) ($100,000,000 AUD; $65.78 million USD), Australia and New Zealand Banking Group Limited (ANZ) ($125,000,000 AUD; $82.23 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($75,000,000 AUD; $49.34 million USD), MUFG Bank, Ltd. ($50,000,000 AUD; $32.89 million USD), HSBC Bank PLC ($65,000,000 AUD; $42.76 million USD), Commonwealth Bank of Australia (CBA) ($50,000,000 AUD; $32.89 million USD), and Mizuho Bank ($60,000,000 AUD; $39.47 million USD. All lenders served as mandated lead arrangers.