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Overview

Bank of China contributes $90 million AUD to a $1.3 billion AUD syndicated term loan for the 2021 Iona Gas Storage Refinancing Project (Linked to Record ID#93885)

Commitments (Constant USD, 2023)$62,400,562
Commitment Year•2021Country 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
Sep 16, 2021

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)
  • Canadian Imperial Bank of Commerce (CIBC)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Norinchukin Bank (Nochu Bank)
  • Royal Bank of Canada (RBC)
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • China Bank of Communications (BoCom or BoComm)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Iona Finance Pty Limited

Loan description

Bank of China and BoComm contributions to $1.3 billion AUD syndicated term loan for the 2021 Iona Gas Storage Refinancing Project in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 16, 2021, financial close was reached on a deal in which a syndicate of 11 banks — including the Bank of China (BOC) and Bank of Communications (BoComm) — provided a $1.300 billion AUD ($952.12 million USD) syndicated term loan to Iona Finance Pty Limited — a special purpose vehicle (SPV) owned by Australian gas infrastructure company Lochard Energy — for the 2021 Iona Gas Storage Refinancing Project. The proceeds of this loan were to be used by the borrower, the operator of the Iona Gas Storage facility near the township of Port Campbell in southwest Victoria, to refinance $1.06 billion AUD of existing debt as well as for general corporate purposes. BOC contributed $90.00 million AUD ($65.92 million USD) and BoComm contributed $25.00 million AUD ($18.31 million USD). In addition to BOC and BoComm, the following lenders contributed the following amounts to this syndicate: MUFG Bank, Ltd. ($346.00 million AUD; $253.41 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($135.00 million AUD; $98.87 million USD), Société Générale S.A. (SocGen) ($92.00 million AUD; $67.38 million USD), Norinchukin Bank ($218.00 million AUD ($159.66 million USD), Royal Bank of Canada (RBC) ($60.00 million AUD; $43.94 million USD), Canadian Imperial Bank of Commerce (CIBC) ($80.00 million AUD; $58.59 million USD), National Australia Bank Limited (NAB) ($80.00 million AUD), Westpac Banking Corporation ($60.00 million AUD), and Australia and New Zealand Banking Group (ANZ) ($110.00 million AUD; $80.56 million USD). BOC's contribution is captured by Record ID#93884. BoComm's contribution is captured by Record ID#93885.