Narrative
Full Description
Project narrative
On November 27, 2014, financial close was reached on a deal in which a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $869.69 million AUD ($741.92 million USD) syndicated loan agreement with WR Carpenter No.1 Pty Ltd — a special purpose vehicle (SPV) that, at the time of the loan, was owned by General Electric — for the 104 MW Worsley Co-Generation Plant 2014 Refinancing Project. This $869.69 million AUD loan was divided into two tranches: a $347.85 million AUD ($296.75 million USD) term loan tranche, with a maturity period of six years and a maturity date of November 27, 2020, that was drawn down on December 3, 2014 and a $521.83 million AUD ($445.17 million USD) term loan tranche, with a maturity period of four years and a final maturity date of November 27, 2018, that was drawn down on December 3, 2014. The proceeds of this loan were used to refinance the Worsley Co-Generation Plant, located in Collie, Western Australia, which consists of two independent high efficiency coal-fired co-generation units with a capacity of 550 tonnage per hour (tph) of steam and 104 MW of electricity. The plant was completed in 2014; it supplies electricity and steam generated to the Worsley Alumina Refinery. ICBC contributed $17.99 million AUD ($15.35 million USD) to the $347.85 million AUD term loan tranche. In addition to ICBC, the following banks contributed the following amounts to the tranche: Australia and New Zealand Banking Group (ANZ) ($26.98 million AUD; $23.02 million USD), MUFG Bank, Ltd. ($39.98 million AUD; $34.11 million USD), Commonwealth Bank of Australia (CBA) ($39.98 million AUD), DBS Bank ($35.99 million AUD; $30.70 million USD), National Australia Bank Limited (NAB) ($39.98 million AUD), Intesa Sanpaolo S.p.A. ($39.98 million AUD), Société Générale S.A. (SocGen) ($26.98 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($39.98 million AUD), and Westpac Banking Corporation ($39.98 million AUD). Record ID#94368 captures ICBC's $17.99 million AUD contribution to the $347.85 million AUD tranche. ICBC contributed $26.98 million AUD ($23.02 million USD) to the $521.83 million AUD term loan tranche. In addition to ICBC, the following banks contributed the following amounts to the tranche: ANZ ($40.49 million AUD; $34.54 million USD), MUFG ($59.98 million AUD; $51.71 million USD), CBA ($59.98 million AUD), DBS Bank ($53.98 million AUD; $46.05 million USD), NAB ($59.98 million AUD), Intesa Sanpaolo ($59.98 million AUD), SocGen ($40.49 million AUD), SMBC ($59.98 million AUD), and Westpac ($59.98 million AUD). Record ID#94369 captures ICBC's $26.98 million AUD contribution to the $521.83 million AUD tranche. Then, on March 28, 2018, financial close was reached on a deal in which a syndicate of 14 banks — including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), and the Agricultural Bank of China (ABC) — entered into a $865.00 million AUD ($665.51 million USD) syndicated loan agreement with WR Carpenter No.1 Pty Ltd — a special purpose vehicle (SPV) that jointly owned by NSW Treasury Corporation (33.3%), Fengate Real Asset Investments (16.77%), MTAA Super (22.2%), Prime Super (13.9%), and Telstra Super (13.9%) — for the 104 MW Worsley Co-Generation Plant 2018 Refinancing Project. This $865.00 million AUD was divided into three tranches: a $343.75 million AUD ($264.47 million USD) term loan tranche with a maturity period of five years and a final maturity date of March 28, 2023, a $421.25 million AUD ($324.10 million USD) term loan tranche with a maturity period of seven years and a final maturity date of March 28, 2025, and a $100.00 million AUD ($76.94 million USD) term loan tranche with a maturity period of ten years and a final maturity date of March 28, 2028 provided exclusively by Westbourne Capital. The proceeds of this loan were used to refinance the Worsley Co-Generation Plant. ICBC contributed $20.00 million AUD ($15.39 million USD), BOC contributed $20.00 million AUD, and ABC contributed $25.00 million AUD ($19.23 million USD) to the $343.75 million AUD term loan tranche. Record ID#94371 captures ICBC's $20.00 million AUD contribution to the $343.75 million AUD tranche. Record ID#94372 captures BOC's $20.00 million AUD contribution to the $343.75 million AUD tranche. Record ID#94373 captures ABC's $25.00 million AUD contribution to the $343.75 million AUD tranche. ICBC and BOC both contributed $30.00 million AUD ($23.08 million USD) to the $421.25 million AUD term loan tranche. Record ID#94374 captures ICBC's $30.00 million AUD contribution to the $421.25 million AUD tranche. Record ID#94375 captures BOC's $30.00 million AUD contribution to the $421.25 million AUD tranche.