Bank of China contributes to the $400 million AUD term loan tranche of a 2015 $1.4 billion AUD syndicated loan to Whitehaven Coal for refinancing purposes (Linked to Record ID#94703, #94704, #94705, #94707, and #94708)

Project narrative

On March 26, 2015, a syndicate of 14 banks — including the Bank of China (BOC), Bank of Communications (BoComm), and the Industrial and Commercial Bank of China (ICBC) — entered into a $1.4 billion AUD senior secured bank facility agreement with Whitehaven Coal Limited, an Australian coal mining company. The facility consisted three tranches: a $800 million AUD revolver tranche, a $400 million AUD term loan tranche, and a $200 million AUD bank guarantee facility. This facility carried a maturity period of four years and a final maturity date of July 2019. This facility was secured by a fixed and floating charge over the assets of Whitehaven Coal. This facility replaced an existing $1.2 billion AUD facility signed in February 2013; the $1.4 billion AUD facility was larger and had more favorable terms, in the form of substantially reduced margin and initial establishment fees. The proceeds of this facility were to be used for the borrower's general corporate purposes. In addition to BOC, BoComm, and ICBC, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), National Australia Bank Limited (NAB), Westpac Banking Corporation, Caterpillar Financial Australia Limited Limited, Credit Suisse AG, Deutsche Bank AG, JPMorgan Chase & Co., Macquarie Bank, Société Générale S.A. (SocGen), and Sumitomo Mitsui Banking Corporation (SMBC). ANZ, BTMU, NAB, and Westpac served as joint bookrunner and mandated lead arrangers. BOC, BoComm, ICBC, Caterpillar Financial Australia, Credit Suisse, Deutsche Bank, JPMorgan, Macquarie, SocGen, and SMBC joined in syndication as participants. Record ID#94703 captures BOC's contribution to the $800 million AUD revolver tranche. Record ID#94704 captures BoComm's contribution to the $800 million AUD revolver tranche. Record ID#94705 captures ICBC's contribution to the $800 million AUD revolver tranche. Record ID#94706 captures BOC's contribution to the $400 million AUD term loan tranche. Record ID#94707 captures BoComm's contribution to the $400 million AUD term loan tranche. Record ID#94708 captures ICBC's contribution to the $400 million AUD term loan tranche. As of June 30, 2015, $900 million AUD had been drawn down under the facility, $850 million AUD of which was used to repay debt drawn on the 2013 facility. As of June 30, 2016, $65 million AUD of debt drawn was repaid. Between July 1, 2016 and June 30, 2017, Whitehaven called $100 million AUD of the bank facility. Then, in August 2017, Whitehaven Coal refinanced the $1.4 billion AUD facility with a $1.3 billion AUD facility, consisting of a $1.0 billion AUD revolver tranche and a $200 million AUD guarantee facility, with a maturity date of July 2021. It is unclear whether any of the Chinese lenders participated in that syndicate.