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Overview

ICBC contributes $57.1 million USD to a $232 million AUD syndicated loan to Port Waratah Coal Services for the refinancing of its corporate debt

Commitments (Constant USD, 2023)$57,459,518
Commitment Year•2018Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018
Last repayment (originally scheduled)
Dec 30, 2024

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • SBI Shinsei Bank, Limited

Receiving agencies

Private Sector

  • Port Waratah Coal Services Limited (PWCS)

Collateral providers

Private Sector

  • Port Waratah Coal Services Limited (PWCS)

Loan description

2018 ICBC contributions to a $232 million AUD syndicated loan to Port Waratah Coal Services for the refinancing of its corporate debt in Australia

Interest type•UnknownMaturity•7 years

Collateral

The facility was fully secured by a first ranking fixed and floating charge over all the assets and undertakings of Port Waratah Coal Services Limited.

Narrative

Full Description

Project narrative

In 2018, a syndicate of three banks — the Industrial and Commercial Bank of China (ICBC), MUFG Bank, Ltd., and Shinsei Bank — entered into a $232 million AUD ($171.3 million USD) syndicated loan agreement with Port Waratah Coal Services Limited (PWCS) — an Australian coal handler — to refinance PWCS' corporate debt. The facility carried a maturity period of seven years. The facility was fully secured by (i.e. collateralized against) a first ranking fixed and floating charge over all the assets and undertakings of PWCS. All three lenders contributed the Australian dollar-equivalent of $57.1 million USD to the loan syndicate. PWCS is the owner and manager of the Kooragang and Carrington Coal Terminals, which have a combined capacity of 145 mtpa. PWCS employs around 350 people.