Narrative
Full Description
Project narrative
On May 15, 2020, financial close was reached on a deal in which a syndicate of nine banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $545.00 million AUD ($351.77 million USD) syndicated agreement with DP World Australia Limited — the Australia-based subsidiary of Emirati multinational logistics company DP World — for the 2020 DP World Australia Refinancing Project. The $545 million AUD syndicated loan consisted of four tranches: a $445.00 million AUD ($287.23 million USD) term loan tranche with a maturity period of five years and a final maturity period of May 15, 2025, a $70.00 million AUD ($45.18 million USD) capex facility tranche with a maturity period of five years and a final maturity period of May 15, 2025, a $10.00 million AUD ($6.45 million USD) working capital tranche with a maturity period of five years and a final maturity period of May 15, 2025 provided solely by Australia and New Zealand Banking Group (ANZ), and a $20.00 million AUD ($12.91 million USD) credit facility tranche with a maturity period of five years and a final maturity period of May 15, 2025 provided solely by ANZ. The proceeds of this loan was used by the borrower to refinance its debt. BOC contributed $50.00 million AUD ($32.27 million USD) and ICBC contributed $51.84 million AUD ($33.46 million USD) to the term loan tranche. In addition to BOC and ICBC, the following banks contributed the respective amounts to the syndicated loan: ANZ ($30.00 million AUD; $19.36 million USD), Bank of Nova Scotia (Scotiabank) ($47.13 million AUD; $30.42 million USD), Commonwealth Bank of Australia (CBA) ($64.80 million AUD; $41.83 million USD), Westpac Banking Corporation ($64.80 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($43.20 million AUD; $27.88 million USD), Export Development Canada (EDC) ($50.00 million AUD), and National Australia Bank Limited (NAB) ($43.20 million AUD; $27.88 million USD). Record ID#94397 captures BOC's $50.00 million AUD contribution. Record ID#94398 captures ICBC's $51.84 million AUD contribution. ICBC contributed $8.15 million AUD ($5.26 million USD) to the capex facility tranche. In addition to ICBC, the following banks contributed the respective amounts to the syndicated loan: Scotiabank ($27.86 million AUD; $17.98 million USD), CBA ($10.19 million AUD; $6.58 million USD), Westpac ($10.19 million AUD), SMBC ($6.79 million AUD; $4.38 million USD), and NAB ($6.79 million AUD). Record ID#94399 captures ICBC's $8.15 million AUD contribution.