Narrative
Full Description
Project narrative
On March 31, 2020, financial close was reached on a deal in which a syndicate of 12 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — provided a $463.00 million AUD ($287.44 million USD) syndicated loan to Energy Fund Finance Co Pty — a special purpose vehicle (SPV) jointly owned by APA Group (19.9%), Marubeni (49.9%) and Osaka Gas (30.2%) that acts as the Osaka Gas-sponsored energy distributor in Australia — to refinance its corporate debt. This loan was divided into two tranches: a $413 million AUD ($256.40 million USD) term loan tranche with a maturity period of five years and a maturity date of March 30, 2025 provided by all 12 banks and a $50.00 million AUD ($31.04 million USD) term loan tranche with a maturity period of five years and a maturity date of March 30, 2025 provided by 11 lenders, all lenders excepting Commonwealth Bank of Australia (CBA). The proceeds of the loan were to be used by the borrower to refinance project-level debt on its Energy Infrastructure Investments portfolio, consisting 10 contracted or regulated energy assets in Australia, including two gas pipelines, two gas processing facilities, two gas-fired power plants, and two interconnectors. BOC contributed $46.00 million AUD ($28.56 million USD) and ICBC contributed $34.50 million AUD ($21.42 million USD) to the $413 million AUD term loan tranche. In addition to the two Chinese state-owned banks, the following lenders contributed the respective amounts to the tranche: Australia and New Zealand Banking Group (ANZ) ($46.00 million AUD), Commonwealth Bank of Australia (CBA ($10.00 million AUD; $6.21 million USD), HSBC Bank PLC ($32.20 million AUD; $19.99 million USD), National Australia Bank Limited (NAB) ($25.30 million AUD; $15.71 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($46.00 million AUD), Royal Bank of Canada (RBC) ($24.20 million AUD; $15.02 million USD), Shinsei Bank ($34.50 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($46.00 million AUD), Sumitomo Mitsui Trust Bank, Limited (SMTB) ($23.00 million AUD), and MUFG Bank, Ltd. ($46.00 million AUD). Record ID#94335 captures BOC's $46.00 million AUD contribution to the $413 million AUD tranche. Record ID#94336 captures ICBC's $34.50 million AUD contribution to the $413 million AUD term loan tranche. BOC contributed $5.70 million AUD ($3.54 million USD) and ICBC contributed $4.30 million AUD ($2.67 million USD) to the $50.00 million AUD term loan tranche. In addition to the two Chinese state-owned banks, the following lenders contributed the respective amounts to the tranche: ANZ ($5.70 million AUD), HSBC ($4.00 million AUD; $2.48 million USD), NAB ($3.10 million AUD; $1.92 million USD), OCBC ($5.70 million AUD), RBC ($3.00 million AUD; $1.86 million USD), Shinsei ($4.30 million AUD), SMBC ($5.70 million AUD), SMTB ($2.80 million AUD; $1.74 million USD), and MUFG ($5.70 million AUD). Record ID#94337 captures BOC's $5.70 million AUD contribution to the $50 million AUD tranche. Record ID#94338 captures ICBC's $4.30 million AUD contribution to the $50 million AUD term loan tranche.