Narrative
Full Description
Project narrative
On October 21, 2014, a syndicate of 10 lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $536 million AUD syndicated corporate debt facility agreement with Energy Developments Limited (EDL) — an Australia-incorporate and based international provider of safe, clean, low greenhouse gas emissions energy and remote energy solutions, including landfill gas, waste coal mine gas, natural gas, and LNG operating in Australia, United Kingdom, and United States and listed on the Australian Securities Exchange — for refinancing purposes. This loan was secured by (i.e. collateralized against) fixed and floating charges over the majority of the assets of EDL and its controlled subsidiaries. EDL also issued a guarantee in support of this loan. The proceeds of this loan were used to refinance EDL's existing $493 million AUD corporate debt facility, extending its term, revolver, and working capital tranches over five and eight maturities to 2019 and 2022, reducing the average interest margin and commitment fee, and extending Australian dollar interest rate swaps to 8%. In addition to ICBC, the following lenders contributed to this syndicated facility: National Australia Bank Limited (NAB), Australia and New Zealand Banking Group (ANZ), Westpac Banking Corporation, Mizuho Bank, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), United Overseas Bank Limited (UOB), Sumitomo Mitsui Banking Corporation (SMBC), GE, and funds managed by Hastings.
Staff comments
1. The individual contribution of the 10 lenders to this $536 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC ($53,600,000 AUD) by assuming that each lender contributed an equal amount to the syndicated loan.