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Overview

China Construction Bank contributes to a $400 million AUD syndicated loan to Downer Group Finance for refinancing and general corporate purposes (Linked to Record ID#94051)

Commitments (Constant USD, 2023)$36,280,360
Commitment Year•2013Country 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
Apr 25, 2013

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Deutsche Bank AG
  • HSBC Bank PLC
  • Mizuho Bank, Ltd.
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • UBS Group AG
  • Westpac Banking Corporation

State-owned Banks

  • Royal Bank of Scotland (RBS)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Downer Group Finance Pty Limited

Guarantors

Private Sector

  • Downer EDI Limited (Downer Group)

Loan description

Bank of China and China Construction Bank contributions to a $400 million AUD syndicated loan to Downer Group Finance for refinancing and general corporate purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Between April 19 and 25, 2013, a syndicate of 11 banks — including the Bank of China (BOC) and China Construction Bank Corporation (CCB) — entered into a $400 million AUD syndicated revolver loan with Downer Group Finance Pty Limited — a special purpose vehicle owned by Australian integrated services firm Downer EDI Limited (Downer Group). This revolver carried a maturity period of four years. The proceeds of the loan were to be used for refinancing and general corporate purposes. The facility included two one-year extension options, at the first and second anniversary date of the facility. The facility was unsecured; Downer EDI Limited issued certain guarantees in support of this loan. In addition to BOC and CCB, the following banks contributed to this syndicated loan: Australia and New Zealand Banking Group (ANZ), Mizuho Bank, National Australia Bank Limited (NAB), Royal Bank of Scotland (RBS), HSBC Bank PLC, Sumitomo Mitsui Banking Corporation Group (SMBC Group), Deutsche Bank, UBS AG, and Westpac Banking Corporation. ANZ, Mizuho, NAB, and RBS served as mandated lead arrangers and bookrunners. HSBC and SMBC served as mandated lead arrangers after joining in syndication. BOC, CCB, Deutsche, UBS, and Westpac served as senior managers after joining in syndication. Record ID#94051 captures BOC's contribution to the syndicated loan. Record ID#94052 captures CCB's contribution.

Staff comments

1. The individual contribution of the 11 lenders to this $400 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of CCB by assuming that each lender contributed an equal amount ($36,363,636.3636 AUD) to the syndicated loan.