Narrative
Full Description
Project narrative
On May 3, 2001, financial close was reached on a deal in which a syndicate of 32 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $2.1 billion AUD multi-tranche syndicated global bank facility with Qantas Airways Limited, Australia's flag carrier airline. The facility was divided into a $700 million AUD tranche that served as a standby facility that replaced an existing facility that was maturing in October 2001 and a $1.4 billion AUD five-year term loan, which was provided on a revolving basis for its first 364 days and was intended to refinance Qantas' maturing debt and support progress payments on Qantas' new aircraft fleet. In addition to ICBC, the following banks contributed to this syndicated loan: Barclays Capital, Citibank, Commonwealth Bank of Australia (CBA), JPMorgan, and Bank of East Asia Limited (BEA). Barclays, Citibank, CBA, and JPMorgan served as joint lead arrangers. Record ID#93793 captures ICBC's contribution to the $700 million AUD tranche. Record ID#93794 captures ICBC's contribution to the $1.4 billion AUD tranche.
Staff comments
1. AidData has assumed each lender contributed to each tranche. The individual contribution of the 32 lenders to the $700 million AUD tranche of a $2.1 billion AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($21,875,000 AUD) to the tranche.