Narrative
Full Description
Project narrative
On December 18, 2019, financial close was reached on a deal in a syndicate of five banks — including the Bank of China (BOC) — entered into a $425.00 million AUD ($290.71 million USD) syndicated loan agreement with Tasmanian Gateway Corporation Pty Limited — an Australia-incorporated special purpose vehicle and joint venture owned by Tasplan Superannuation Fund (30%), QIC Global Infrastructure Fund (35%), and Netherlands' Schiphol International (35%) — for the 2019 Hobart International Airport Refinancing Project. This loan consisted of four tranches: a $90.00 million AUD ($61.56 million USD) term loan tranche with a maturity period of three years and a final maturity date of December 18, 2022 provided by all lenders, a $240.00 million AUD ($164.16 million USD) capex loan tranche with a maturity period of five years and a final maturity date of December 18, 2024 provided by all lenders, a $90.00 million AUD term loan tranche with a maturity period of five years and a final maturity date of December 18, 2024 provided by all lenders, and a $5.00 million AUD ($3.42 million USD) working capital tranche provided by Westpac. The proceeds of this loan were used by the borrower to refinance Tasmania's Hobart International Airport. BOC contributed $6.00 million AUD ($4.10 million USD) to the $90 million AUD three-year term loan tranche, as captured by Record ID#94279. In addition to BOC, the following lenders contributed to the $90 million AUD three-year term loan tranche: Canadian Imperial Bank of Commerce (CIBC) ($21.64 million AUD; $14.81 million USD), Commonwealth Bank of Australia (CBA) ($28.11 million AUD; $19.23 million USD), Westpac Banking Corporation ($20.57 million AUD; $14.07 million USD), and United Overseas Bank Limited (UOL) ($13.67 million AUD; $9.35 million USD). BOC contributed $26.14 million AUD ($17.88 million USD) to the $240 million AUD capex loan tranche, as captured by Record ID#94280. In addition to BOC, the following lenders contributed to the $240 million AUD capex loan tranche: CIBC ($57.72 million AUD; $39.48 million USD), CBA ($57.72 million AUD), Westpac ($54.86 million AUD; $37.53 million USD), and UOL ($43.56 million AUD; $29.80 million USD). BOC contributed $13.60 million AUD ($9.30 million USD) to the $90 million AUD five-year term loan tranche, as captured by Record ID#94281. In addition to BOC, the following lenders contributed to the $90 million AUD five-year term loan tranche: CIBC ($21.64 million AUD; $14.81 million USD), CBA ($15.18 million AUD; $10.38 million USD), Westpac ($20.57 million AUD; $14.07 million USD), and UOL ($19.00 million AUD; $13.00 million USD). Then, on June 14, 2022, financial close was reached on a deal in which a syndicate of seven banks — including BOC and the Industrial and Commercial Bank of China (ICBC) — entered into a $571.00 million AUD ($394.75 million USD) syndicated loan agreement with Tasmanian Gateway Corporation Pty Limited — now with a slightly different shareholding structure with Tasplan Superannuation Fund (33% equity stake), QIC Global Infrastructure Fund (33% equity stake), and Netherlands' Schiphol International (34% equity stake) — for the Hobart International Airport 2022 Refinancing Project. This loan was divided into three tranches: a $216.00 million AUD ($149.33 million USD) term loan tranche; a $350.00 million AUD ($241.97 million USD) term loan tranche; and a $5.00 million AUD ($3.46 million USD). The proceeds were to be used by the borrower to refinance the Hobart International Airport in Tasmania. BOC and ICBC each contributed $21.42 million AUD ($14.81 million USD) to the $216 million AUD term loan tranche. Record ID#101486 captures BOC's contribution and Record ID#101487 captures ICBC's contribution. BOC and ICBC each contributed $55.53 million AUD ($38.39 million USD) to the $350 million AUD term loan tranche. Record ID#101488 captures BOC's contribution and Record ID#101489 captures ICBC's contribution.