Agricultural Bank of China contributes $22.73 million AUD to the 10-year $250 million AUD tranche of a $500 million AUD syndicated loan for the 2019 Melbourne Airport Refinancing Project

Project narrative

On May 10, 2019, financial close was reached on a deal in which a syndicate of 11 banks — including the Agricultural Bank of China (ABC) — provided a $500.00 million AUD ($349.48 million USD) syndicated loan agreement with Australia Pacific Airports (Melbourne) Pty Ltd — an Australia-incorporated special purpose vehicle that owns and operates the Melbourne Airport, itself wholly owned by Australia Pacific Airports Corporation Limited (APAC) — for the 2019 Melbourne Airport Refinancing Project. The $500 million AUD syndicated loan was divided into two term loan tranches: a $250 million AUD ($174.74 million USD) tranche with a maturity period of seven years, a final maturity date of May 10, 2026, an interest period of seven years, and an interest rate of BBSY plus a margin of 1.20% and a $250 million AUD tranche with a maturity period of 10 years, a final maturity date of May 10, 2029, an interest period of 10 years, and an interest rate of BBSY plus a margin of 1.475%. The proceeds of this loan were to be used to refinance the Melbourne Airport. All lenders, including ABC, contributed $22.73 million AUD ($15.89 million AUD) to each tranche ($45.46 million AUD in total). Record ID#93834 captures ABC's contribution to the seven-year tranche. Record ID#93835 captures ABC's contribution to the 10-year tranche. In addition to ABC, the following lenders contributed to this syndicated loan: MUFG Bank, Ltd., Daido Life Insurance Company, Meiji Yasuda Life Insurance, Hachijuni Bank, Sumitomo Mitsui Banking Corporation (SMBC), First Commercial Bank Limited, Taiwan Cooperative Bank, Hua Nan Commercial Bank, Ltd. (HNCB), Bank of Taiwan, and Norinchukin Bank (Nochu Bank).