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Overview

ICBC contributes $17.4 million AUD to a 2020 $230 million AUD syndicated loan to Energy Fund Finance for the Tipton West Gas Processing Facility Expansion Project (Linked to Record ID#94339)

Commitments (Constant USD, 2023)$12,380,806
Commitment Year•2020Country 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
Mar 31, 2020
Last repayment (originally scheduled)
Mar 30, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • HSBC Bank PLC
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Royal Bank of Canada (RBC)
  • SBI Shinsei Bank, Limited
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Trust Bank, Limited (SMTB)

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Energy Fund Finance Co Pty

Loan description

BOC and ICBC contributions to 2020 $230 million AUD syndicated loan to Energy Fund Finance for the Tipton West Gas Processing Facility Expansion Project

Interest type•UnknownMaturity•5 years

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 $230.00 million AUD ($142.79 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 — for the Tipton West Gas Processing Facility Expansion Project. This amortizing term loan carried a maturity period of five years and a final maturity date of March 30, 2025. The proceeds were to be used by the borrower to support the development of the Tipton West Gas Processing Facility, a component of the Energy Infrastructure Investments (EII) portfolio that is located near Dalby, Queensland, 250 kilometers west of Brisbane. The expansion was expected to double the facility's capacity to process between 48 and 81 terajoules (TJ) of coal seam gas daily from the Surat Basin, allowing the facility to accommodate Arrow Energy's new gas well drilling as part of its Surat Gas Project. BOC contributed $23.20 million AUD ($14.40 million USD) and ICBC contributed $17.40 million AUD ($10.80 million USD). In addition to BOC and ICBC, the following banks contributed the respective amounts to this syndicated loan: Australia and New Zealand Banking Group (ANZ) ($23.20 million AUD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($23.20 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($23.20 million AUD), MUFG Bank, Ltd. ($23.20 million AUD), Shinsei Bank ($17.40 million AUD; $10.80 million USD), HSBC Bank PLC ($16.30 million AUD; $10.12 million USD), Sumitomo Mitsui Trust Bank, Limited (SMTB) ($11.60 million AUD; $7.20 million USD), National Australia Bank Limited ($12.80 million AUD; $7.95 million USD), Royal Bank of Canada (RBC) ($12.20 million AUD; $7.57 million USD), and Commonwealth Bank of Australia (CBA) ($26.30 million AUD ($16.33 million USD). Record ID#94339 captures BOC's $23.20 million AUD contribution. Record ID#94340 captures ICBC's $17.40 million AUD contribution.