ICBC contributes $128.57 million AUD to a $900 million AUD syndicated loan to Queensland Airports Limited (QAL) Finance Pty Ltd. for debt refinancing purposes (Linked to Record ID#94541)

Project narrative

On June 19, 2018, financial close was reached on a deal in which a syndicate of seven banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $900 million AUD ($665.75 million USD) term loan agreement with with QAL Finance Pty Ltd — a special purpose vehicle (SPV) and joint venture of Vantage Infrastructure (74% equity stake), Perron Investments (25% equity stake), and 1% (private investor), then later a wholly owned subsidiary of Queensland Airports Limited — for debt refinancing purposes. Specifically, the proceeds of this loan were to be used by the borrower to refinance the existing portfolio of airports in the State of Queensland operated by the Queensland Airport Limited (QAL) SPV: the Gold Coast, Townsville, Mount Isa, and Longreach airports. These four airports were privatized in 1998 on 50+49 year leases from the Australian Federal Government. All seven lenders, including BOC and ICBC, contributed $128.57 million AUD ($95.11 million USD) to the syndicated loan. In addition to BOC and ICBC, the following banks contributed to this syndicated loan: Commonwealth Bank of Australia (CBA), ING Bank N.V., MUFG Bank, Ltd., National Australia Bank Limited (NAB), and Westpac Banking Corporation. Record ID#94541 captures BOC's contribution. Record ID#94542 captures ICBC's contribution.