ICBC contributes $30 million AUD to the $505 million AUD term loan tranche of a $825 million AUD syndicated loan for the 2020 One Rail Australia Refinancing Project (Linked to Record ID#94348, #94349, #94351, #94352, #94353, and #94354)

Project narrative

On April 27, 2020, financial close was reached on a deal in which a syndicate of 10 banks — including the Bank of China (BOC), Bank of Communications (BoComm), and the Industrial and Commercial Bank of China (ICBC) — entered into a $825 million AUD ($532.99 million AUD) syndicated loan agreement with One Rail Australia Pty Ltd (ORA) for the 2020 One Rail Australia Refinancing Project. The $825 million AUD syndicated loan was divided into four tranches (facilities): a $505.00 million AUD ($326.25 million USD) term loan tranche with a maturity period of five years, a $165.00 million AUD ($106.60 million USD) amortizing loan tranche with a maturity period of seven years, a $135.00 million AUD ($87.22 million USD) capex loan tranche with a maturity period of five years, and a solely Australia and New Zealand Banking Group (ANZ)-provided $20.00 million AUD ($12.92 million USD) working capital tranche with a maturity period of five years. The proceeds were to be used by the borrower to refinance the debt it used to acquire Glencore Rail (GRail) in 2016. BOC contributed $40.00 million AUD ($25.84 million USD), BoComm contributed $70.00 million AUD ($45.22 million USD), and ICBC contributed $30.00 million AUD ($19.38 million USD) to the $505 million AUD term loan tranche. In addition to these banks, the following lenders contributed the respective amounts: Sumitomo Mitsui Banking Corporation (SMBC) ($50.00 million AUD; $32.30 million USD), ANZ ($35.00 million AUD; $22.61 million USD), BNP Paribas S.A. ($20.00 million AUD; $12.92 million USD), Commonwealth Bank of Australia (CBA) ($70.00 million AUD), Mizuho Bank ($60.00 million AUD; $38.76 million USD), National Australia Bank Limited (NAB) ($100.00 million AUD; $64.60 million USD), and Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($30.00 million AUD). Record ID#94348 captures BOC's $40.00 million AUD contribution to the term loan tranche. Record ID#94349 captures BoComm's $70.00 million AUD contribution to the term loan tranche. Record ID#94350 captures ICBC's $30.00 million AUD contribution to the term loan tranche. BOC contributed $50.00 million AUD, BoComm contributed $30.00 million AUD, and ICBC contributed $15.00 million AUD ($9.69 million USD) to the $165 million AUD amortizing loan tranche. In addition to these banks, the following lenders contributed the respective amounts: SMBC ($30.00 million AUD) and OCBC Bank ($40.00 million AUD). Record ID#94351 captures BOC's $50.00 million AUD contribution to the amortizing loan tranche. Record ID#94352 captures BoComm's $30.00 million AUD contribution to the amortizing loan tranche. Record ID#94353 captures ICBC's $15.00 million AUD contribution to the amortizing loan tranche. ICBC contributed $30.00 million AUD to the $135 million AUD capex loan tranche. In addition to ICBC, the following lenders contributed the respective amounts: SMBC ($20.00 million AUD), ANZ ($25.00 million AUD; $16.15 million USD), BNP Paribas ($30.00 million AUD), and OCBC Bank ($30.00 million AUD). Record ID#94354 captures ICBC's $15.00 million AUD contribution to the capex loan tranche.