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Overview

Bank of China contributes $1.37 million AUD to the $9.59 million AUD debt service reserve facility tranche of a $479.92 million AUD syndicated loan for the Sunshine Coast University Hospital PPP Refinancing Project (Linked to Record ID#93832)

Commitments (Constant USD, 2023)$994,058
Commitment Year•2019Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•HealthFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 23, 2019
Last repayment (originally scheduled)
May 21, 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

  • Australia and New Zealand Banking Group (ANZ)
  • Mizuho Bank, Ltd.
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Exemplar Health (SCUH) Partnership

Loan description

2019 Bank of China contributions to $479.92 million AUD syndicated loan for the Sunshine Coast University Hospital PPP Refinancing Project in Australia

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On May 23, 2019, financial close was reached on a deal in which a syndicate of four banks — the Bank of China (BOC), Mizuho Bank, Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and Australia and New Zealand Banking Group (ANZ) — entered a $479.92 million AUD ($330.00 million USD) loan agreement with Exemplar Health (SCUH) Partnership — a special purpose vehicle jointly owned by Lend Lease Public Infrastructure Fund (50%) and Siemens Financial Services (50%) — for the Sunshine Coast University Hospital (SCUH) Public-Private Partnership (PPP) Refinancing Project. The $479.92 million AUD syndicated loan was divided into two tranches: a $470.33 million AUD ($323.41 million USD) term loan tranche with a maturity period of five years and a final maturity date of May 23, 2024 and a $9.59 million AUD ($6.59 million USD) debt service reserve facility tranche with a maturity period of five years and a final maturity date of May 23, 2024. The proceeds of this loan were to be used by the borrower to refinance the Sunshine Coast University Hospital in Queensland. BOC contributed $67.00 million AUD ($46.07 million USD) to the $470.33 million AUD term loan term loan tranche; Mizuho, OCBC Bank, and ANZ each contributed $134.44 million AUD ($92.44 million USD). Record ID#93832 captures BOC's contribution to the term loan tranche. BOC contributed $1.37 million AUD ($0.94 million USD) to the $9.59 million AUD debt service reserve facility; Mizuho, OCBC Bank, and ANZ each contributed $2.74 million AUD ($1.88 million USD). Record ID#93833 captures BOC's contribution to the debt service reserve facility tranche. Financial close on the original SCUH PPP Project was reached on July 31, 2012; the project sought to construct a tertiary level public hospital with a the Skills Academic and Research Centre (SARC), car parking, a central energy plant (CEP), and associated infrastructure for the campus, such as internal roads, parkland and utility services. Siemens and Lend Lease won the bid to construct, design, and operate the hospital for a 25-year concession period.