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Overview

BoCom contributes $30 million AUD to a $155.5 million AUD syndicated loan for the 2020 BAI Communications Refinancing Project (Linked to Record ID#93873)

Commitments (Constant USD, 2023)$21,346,217
Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 21, 2020
Last repayment (originally scheduled)
May 21, 2023

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Canadian Imperial Bank of Commerce (CIBC)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • BAI Communications Pty Ltd

Loan description

2020 BoCom and ICBC contributions to $155.5 million AUD syndicated loan for the 2020 BAI Communications Refinancing Project in Australia

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On May 21, 2020, financial close was reached on a deal in which a syndicate of five banks — including the Industrial and Commercial Bank of China (ICBC) and the Bank of Communications (BoCom) — provided a $155.50 million AUD ($101.93 million USD) syndicated term loan to telecommunications firm BAI Communications Pty Ltd for the 2020 BAI Communications Refinancing Project. This syndicated loan carried a maturity period of three years and a final maturity date of May 25, 2023. The proceeds of this loan were to be used by the borrower for the future financing of a US Private Placement (USSP) in December 2020. ICBC and BoCom each contributed $30.00 million AUD ($19.67 million USD) to the syndicated term loan. In addition to ICBC and BoCom, the following lenders contributed the following amounts to the syndicated term loan: the Canadian Imperial Bank of Commerce (CIBC) ($50.50 million AUD; $33.10 million USD), MUFG Bank, Ltd. ($20.00 million AUD; $13.11 million USD), and Mizuho Bank ($25.00 million AUD; $16.39 million USD). Record ID#93873 captures ICBC's contribution. Record ID#93874 captures BoCom's contribution.

Staff comments

1. BAI Communications Pty Ltd is an Australian telecommunications systems company. It was rebranded from its old name of Broadcast Australia in November 2019. It is majority owned by Canada Pension Plan Investment Board (CPPIB or CPP Investments), a Canadian Crown corporation (see "About BAI").