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.