BOC contributes $30 million AUD to the $421.25 million AUD term loan tranche of a $865 million AUD syndicated loan for the 104 MW Worsley Co-Generation Plant 2018 Refinancing Project (Linked to Record ID#94368, #94369, #94371, #94372, #94373, and #94374)

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. ICBC contributed $26.98 million AUD ($23.02 million USD) to the $521.83 million AUD term loan tranche. Record ID#94368 captures ICBC's $17.99 million AUD contribution to the $347.85 million AUD tranche. 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. In addition to the three Chinese banks, the following lenders contributed to the tranche: Sumitomo Mitsui Banking Corporation (SMBC) ($36.50 million AUD; $28.08 million USD), MUFG Bank, Ltd. ($36.50 million AUD), National Australia Bank Limited (NAB) ($36.50 million AUD), Westpac Banking Corporation ($54.75 million AUD; $42.12 million USD), Siemens Bank ($12.75 million AUD; $9.81 million USD), DBS Bank ($33.75 million AUD; $25.97 million USD), Intesa Sanpaolo S.p.A. ($16.00 million AUD; $12.31 million USD), Shinhan Bank ($16.00 million AUD), Woori Bank ($16.00 million AUD), and Australia and New Zealand Banking Group ($20.00 million AUD). 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. In addition to the two Chinese banks, the following lenders contributed to the tranche: SMBC ($54.75 million AUD), MUFG ($54.75 million AUD), NAB ($54.75 million AUD), Westpac ($36.50 million AUD), Siemens Bank ($54.75 million AUD), DBS Bank ($33.75 million AUD), Intesa Sanpaolo ($24.00 million AUD; $18.47 million USD), Shinhan Bank ($24.00 million AUD), and Woori Bank ($24.00 million AUD). 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. ANZ, ABC, BOC, MUFG, DBS, ICBC, Intesa Sanpaolo, Shinshan Bank, Siemens, SMBC, Westpac, and Woori all served as joint mandated lead arrangers.