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Overview

Bank of China contributes $2 million AUD to the $20 million AUD term loan tranche of a $850 million AUD syndicated loan for the 2021 One Rail Australia Refinancing Project (Linked to Record ID#94355, #94356, #94357, #94358, #94359, #94360, #94362, and #94363)

Commitments (Constant USD, 2023)$1,386,679
Commitment Year•2021Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 23, 2021
Last repayment (originally scheduled)
Aug 22, 2026

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • BNP Paribas S.A.
  • Brookfield Corporation (Formerly Brookfield Asset Management Inc.)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Mizuho Financial Group (MHFG)
  • National Australia Bank Limited (NAB)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

  • China Bank of Communications (BoCom or BoComm)
  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • One Rail Australia Pty Ltd (ORA)

Loan description

2021 BoComm, BOC, and ICBC contributions to $850 million AUD syndicated loan for One Rail Australia Refinancing Project in Australia

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On August 23, 2021, financial close was reached on a deal in which a syndicate of 11 lenders — including the Bank of China (BOC), Bank of Communications (BoComm), and the Industrial and Commercial Bank of China (ICBC) — entered into a $850 million AUD ($608.54 million USD) syndicated loan agreement with One Rail Australia Pty Ltd (ORA) for the 2021 One Rail Australia Refinancing Project. The $855 million AUD syndicated loan was divided into five tranches: a $165.00 million AUD ($118.13 million USD) term loan tranche with a maturity period of seven years, a $135.00 million AUD ($96.65 million USD) term loan tranche with a maturity period of five years, a $20.00 million AUD ($14.32 million USD) term loan tranche with a maturity period of five years, a $240.00 million AUD ($171.82 million USD) credit facility tranche with a maturity period of three years and seven months provided solely by Brookfield Asset Management, and a $290.00 million AUD ($207.62 million USD) credit facility tranche. The proceeds were to be used by the borrower to refinance its debt. All ten lenders to the $165.00 million AUD term loan tranche, including BOC, BoComm, and ICBC, contributed $16.50 million AUD ($11.81 million USD). In addition to the three Chinese banks, the following lenders contributed Sumitomo Mitsui Banking Corporation (SMBC), BNP Paribas S.A., National Australia Bank Limited (NAB), Australia and New Zealand Banking Group (ANZ), Mizuho Financial Group (MHFG), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and Commonwealth Bank of Australia (CBA). Record ID#94355 captures BOC's contribution. Record ID#94356 captures BoComm's contribution. Record ID#94357 captures ICBC's contribution. All ten lenders to the $135.00 million AUD term loan tranche, including BOC, BoComm, and ICBC, contributed $13.50 million AUD ($9.67 million USD). In addition to the three Chinese banks, the following lenders contributed SMBC, BNP Paribas, NAB, ANZ, MHFG, OCBC Bank, and CBA. Record ID#94358 captures BOC's contribution. Record ID#94359 captures BoComm's contribution. Record ID#94360 captures ICBC's contribution. All ten lenders to the $20.00 million AUD term loan tranche, including BOC, BoComm, and ICBC, contributed $2.00 million AUD ($1.43 million USD). In addition to the three Chinese banks, the following lenders contributed SMBC, BNP Paribas, NAB, ANZ, MHFG, OCBC Bank, and CBA. Record ID#94361 captures BOC's contribution. Record ID#94362 captures BoComm's contribution. Record ID#94363 captures ICBC's contribution.

Staff comments

1. One Rail Australia (ORA) was previously known as Genesee & Wyoming Australia. ORA comprises bulk rail haulage and general freight assets in: South Australia and the Northern Territory and the 2,200 kilometer long Tarcoola-to-Darwin railway line haulage business in New South Wales and Queensland. 2. The lenders to the $290.00 million AUD credit facility tranche of the syndicated facility are unknown. This issue merits further investigation.