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Overview

ICBC contributes to the $1.4 billion AUD tranche of a $2.1 billion AUD syndicated loan for Qantas Airways for refinancing and aircraft acquisition (Linked to Record ID#93793)

Commitments (Constant USD, 2023)$52,556,561
Commitment Year•2001Country 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
May 3, 2001
Last repayment (originally scheduled)
May 2, 2006

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of East Asia Limited (BEA)
  • Barclays Corporate and Investment Bank (Formerly Barclays Capital)
  • Citibank, N.A.
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • JPMorgan Chase & Co.

Receiving agencies

Private Sector

  • Qantas Airways Limited

Loan description

2001 ICBC contributions to $2.1 billion AUD syndicated loan for Qantas Airways for refinancing and aircraft acquisition

Interest type•UnknownMaturity•5 years

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 $1.4 billion 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 ($43,750,000 AUD) to the tranche.