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Overview

ICBC contributes $50 million AUD to a $500 million AUD syndicated loan for AFL Vista to refinance its debt (Linked to Record ID#94331)

Commitments (Constant USD, 2023)$49,885,495
Commitment Year•2013Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 13, 2013
Last repayment (originally scheduled)
Dec 12, 2018

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Caterpillar Financial Australia Limited
  • Mizuho Bank, Ltd.
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • AF&L Vista Pty Ltd

Loan description

Bank of China and ICBC contributions to a $500 million AUD syndicated loan for AFL Vista to refinance its debt

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

Between December 13 and 19, 2013, a syndicate of eight banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $500 million AUD syndicated facility agreement with AFL Vista. The facility carried a maturity period of five years and was split into a $404 million AUD term loan and a $96 million AUD credit facility. BOC and ICBC each contributed $50 million AUD to the syndicated facility; in addition to these banks, the following banks contributed the respective amounts to the loan: Australia and New Zealand Banking Group (ANZ) ($90 million AUD), National Australia Bank Limited (NAB) ($120 million AUD), Westpac Banking Corporation ($65 million AUD), Caterpillar Financial Australia ($50 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($50 million AUD), and Mizuho Bank ($25 million AUD). ANZ and NAB served as bookrunners and mandated lead arrangers. Westpac served as a mandated lead arranger. Mizuho served as a lead arranger. The proceeds of this facility were to be used by the borrower to refinance its existing debt. Record ID#94331 captures BOC's $50 million AUD contribution. Record ID#94332 captures ICBC's $50 million AUD contribution.