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Overview

Bank of China contributes $66.62 million AUD to the $231.12 million AUD term loan tranche of a $235.85 million AUD syndicated loan for the New Bendigo Hospital PPP Refinancing Project (Linked to Record ID#93831)

Commitments (Constant USD, 2023)$48,338,769
Commitment Year2019Country of ActivityAustraliaDirect Recipient Country of IncorporationAustraliaSectorHealthFlow TypeLoan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 29, 2019
Last repayment (originally scheduled)
Jul 1, 2024

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Canadian Imperial Bank of Commerce (CIBC)
  • Mizuho Bank, Ltd.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Stella NBH Finance Pty Ltd

Loan description

2019 Bank of China contributions to $235.85 million AUD syndicated loan for New Bendigo Hospital PPP Refinancing Project in Australia

Interest typeUnknownMaturity5 years

Narrative

Full Description

Project narrative

On May 29, 2019, financial close was reached on a deal in which a syndicate of three banks — the Bank of China (BOC), Mizuho Bank, and Canadian Imperial Bank of Commerce (CIBC) — entered into a $235.84 million AUD ($163.41 million USD) syndicated loan agreement with Stella NBH Finance Pty Ltd — a special purpose vehicle jointly owned by Lend Lease Public Infrastructure Fund (50%) and Siemens Financial Services (50%) — for the New Bendigo Hospital Public-Private Partnership (PPP) Refinancing Project. The $235.84 million AUD syndicated loan was divided into two tranches: a $231.12 million AUD ($160.14 million USD) term loan with a maturity period of five years and a final maturity date of July 1, 2024 and a $4.72 million AUD ($3.27 million USD) debt service reserve facility with a maturity period of five years and a final maturity date of July 1, 2024. The proceeds of this loan were to be used by the borrower to refinance the New Bendigo Hospital. BOC contributed $66.62 million AUD ($46.16 million USD) to the $231.12 million AUD term loan tranche; Mizuho and CIBC each contributed $82.25 million AUD ($56.99 million USD). Record ID#93830 captures BOC's contribution to the term loan tranche. BOC contributed $1.36 million AUD ($0.94 million USD) to the $4.72 million AUD debt service reserve facility; Mizuho and CIBC each contributed $1.67 million AUD ($1.15 million USD). Record ID#93831 captures BOC's contribution to the debt service reserve facility tranche. The original $630 million AUD facility for the New Bendigo Hospital PPP Project had reached financial close on May 29, 2013; that project sought to construct an acute inpatient hospital, a mental health inpatient facility, an integrated cancer center on the site of the existing Bendigo Hospital in Bendigo, Australia; Siemens and Lend Lease had won the tender to construct, design, finance, and maintain the hospital over a 25-year concession.