Bank of China contributes to the $100 million AUD term facility tranche of a $180 million AUD syndicated facility for the acquisition of Kailis Bros (Linked to Record ID#94450)

Project narrative

On March 31, 2016, Hong Kong-listed Chinese conglomerate Legend Holdings Corporation purchased a 90% stake in the seafood processing, wholesale, and export business of Western Australian firm Kailis Bro Pty Ltd. for an estimated consideration of $180 million AUD. The structure of the deal involved the acquisition of Kailis Bros' processing assets, to serve as a foundation for a joint venture, KB Food, jointly owned by Legend (90%) and Kailis (10%). The acquisition did not include Kailis Bros’ Leederville restaurant, its retail fish operations, and its Perth Fish Markets, all which would remain under the ownership of the Kailis family. To fund the buyout, cover acquisition and transaction costs, support the continuation of business, and provide working capital, just before the March 31, 2016 acquisition date, the Macau Branch of the Bank of China (BOC) and Westpac Banking Corporation entered into a $180 million AUD syndicated facility agreement with unspecified subsidiaries of Legend Holdings. The $180 million AUD debt consisted of a $100 million AUD term facility (loan), a $40 million AUD revolving line of credit, and a $40 million AUD standby letter of credit. Record ID#94499 captures BOC's contribution to the $100 million AUD term facility. Record ID#94450 captures BOC's contribution to the $40 million AUD revolving line of credit.