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Overview

ICBC contributes to a $1.8 billion AUD syndicated loan to EnergyAustralia Finance for working capital purposes (Linked to Record ID#94386 and #94388)

Commitments (Constant USD, 2023)$78,563,001
Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 30, 2015

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of America Corporation
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • DNB Bank ASA (formerly DnB NOR ASA)
  • HSBC Bank PLC
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Royal Bank of Canada (RBC)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • EnergyAustralia Finance Pty Ltd

Loan description

China Construction Bank, ICBC, and BOC contributions to a $1.8 billion AUD syndicated loan to EnergyAustralia Finance for working capital purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

Between July 24 and 30, 2015, a syndicate of 18 banks — including China Construction Bank Corporation (CCB), the Industrial and Commercial Bank of China (ICBC), and Bank of China (BOC) — entered into a $1.8 billion AUD syndicated loan agreement with EnergyAustralia Finance Pty Ltd — a special purpose vehicle owned by EnergyAustralia (formerly TRUenergy), itself a wholly owned subsidiary of the Hong Kong-based and listed China Light and Power (CLP Group). The proceeds of this loan were to be used by the borrower for working capital purposes. In addition to CCB, ICBC, and BOC, the following banks contributed to this syndicated loan: Australia and New Zealand Banking Group (ANZ), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Commonwealth Bank of Australia (CBA), Mizuho Bank, National Australia Bank Limited (NAB), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Sumitomo Mitsui Banking Corporation (SMBC), Westpac Banking Corporation, Barclays Bank Plc, DNB NoR Bank, Royal Bank of Canada (RBC), BNP Paribas S.A., Bank of America, Citibank, and HSBC Bank PLC. ANZ, BTMU, CBA, Mizuho, NAB, OCBC Bank, SMBC, and Westpac served as joint bookrunners and mandated lead arrangers. CCB, ICBC, Barclays, DNB, and RBC joined in syndication as mandated lead arrangers. BOC, BNP Paribas, Bank of America, Citi, and HSBC joined in syndication as participants. Record ID#94386 captures CCB's contribution. Record ID#94387 captures ICBC's contribution. Record ID#94388 captures BOC's contribution.

Staff comments

1. The individual contribution of the 18 lenders to this $1.8 billion AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC ($100,000,000 AUD) by assuming that each lender contributed an equal amount to the syndicated loan.