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Overview

ICBC contributes $60.56 million AUD to a $545 million AUD syndicated loan to DP World Australia for the 2021 DP World Australia Refinancing Project (Linked to Record ID#93789)

Commitments (Constant USD, 2023)$41,988,645
Commitment Year•2021Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 24, 2021
Last repayment (originally scheduled)
Jun 23, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of Nova Scotia (Scotiabank)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • DNB Bank ASA (formerly DnB NOR ASA)
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • DP World Australia Limited

Loan description

2021 ICBC and BOC contributions to $545 million AUD syndicated loan for DP World Australia Refinancing Project in Australia

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 24, 2021, financial close was reached on a deal in which a syndicate of nine banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — provided a $545 million AUD ($412.85 million USD) syndicated loan facility to DP World Australia Limited — the Australia-based subsidiary of Emirati multinational logistics company DP World — for the 2021 DP World Australia Refinancing Project. This loan carried a maturity period of five years. The proceeds of the loan were to be used by DP World Australia to refinance its debt. All lenders, including ICBC and BOC, each contributed $60.56 million AUD ($45.87 million USD) to this syndicated loan. In addition to ICBC and BOC, the following banks contributed to this syndicated loan: Bank of Nova Scotia (Scotiabank), Commonwealth Bank of Australia (CBA), Australia and New Zealand Banking Group (ANZ), DnB NOR Bank, Sumitomo Mitsui Banking Corporation (SMBC), Westpac Banking Corporation, and National Australia Bank Limited (NAB). All lenders served as mandated lead arrangers. Record ID#93789 captures BOC's contribution. Record ID#93790 captures ICBC's contribution.