ICBC contributes $39.9 million AUD to the $232 million AUD three-year tranche of a $620 million AUD syndicated loan for the 850 MW Queensland Millmerran Thermal Power Plant 2018 Refinancing Project (Linked to Record ID#94723, #94725, #94726, and #94727)

Project narrative

On June 15, 2012, financial close was reached on a deal in which a syndicate of eight banks — including the Bank of Communications (BoComm), China Construction Bank Corporation (CCB), and the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — entered into a $453.20 million AUD ($455.69 million USD) syndicated loan agreement with Millmerran Finance Company Pty Ltd — a special purpose vehicle (SPV) and joint venture of InterGen N.V. (59.7% ownership stake), Marubeni Corporation (30% ownership stake), General Electric (6.3% ownership stake), and Tohuko Electric Power (5% ownership stake) — for the 850 MW Queensland Millmerran Thermal Power Plant 2012 Refinancing Project. The $453.2 million AUD in debt was divided into three tranches: a $89.16 million AUD ($89.65 million USD) working capital tranche with a maturity period of three years; a $245.17 million AUD ($246.52 million USD) term loan tranche with a maturity period of four years; and a $118.87 million AUD ($119.52 million USD) term loan tranche with a maturity period of four years. BoComm contributed $33.68 million AUD ($33.87 million USD), CCB contributed $49.54 million AUD ($49.81 million USD), and ICBC (Asia) contributed $9.94 million AUD ($9.99 million USD) to the $245.17 million AUD term loan tranche. Record ID#94716 captures BoComm's contribution. Record ID#94717 captures CCB's contribution. Record ID#94718 captures ICBC (Asia)'s contribution. BoComm contributed $15.85 million AUD ($15.94 million USD) and ICBC (Asia) contributed $39.60 million AUD ($39.81 million USD) to the $118.87 million AUD term loan tranche. Record ID#97537 captures BoComm's contribution. Record ID#97538 captures ICBC (Asia)'s contribution. Then, on June 11, 2015, financial close was reached on a deal in which a syndicate of 14 banks — including the Agricultural Bank of China (ABC), the Bank of China (BOC), BoComm, and the Industrial and Commercial Bank of China (ICBC) — entered into a $775.0 million AUD ($597.51 million USD) syndicated loan agreement with Millmerran Finance Company Pty Ltd for the 850 MW Queensland Millmerran Thermal Power Plant 2015 Refinancing Project. This loan was divided into four tranches: a $228.33 million AUD ($176.04 million USD) term loan tranche with a maturity period of three years, a $228.33 million AUD term loan tranche with a maturity period of five years, a $228.33 million AUD term loan tranche with a maturity period of seven years, and a $90.00 million AUD ($69.39 million USD) revolver tranche with a maturity period of three years. The proceeds were used by the borrower to refinance the existing indebtedness of the project. ABC contributed $25.00 million AUD ($19.27 million USD), BOC contributed $20.00 million AUD ($15.42 million USD), BoComm contributed $21.00 million AUD ($16.19 million USD), and ICBC contributed $30.00 million AUD ($23.13 million USD) to the three-year $228.33 million AUD term tranche. Record ID#94719 captures ABC's contribution. Record ID#94720 captures BOC's contribution. Record ID#94721 captures BoComm's contribution. Record ID#94722 captures ICBC's contribution. ABC contributed $25.00 million AUD, BOC contributed $20.00 million AUD, BoComm contributed $21.00 million AUD, and ICBC contributed $30.00 million AUD to the $228.33 million AUD five-year term tranche. Record ID#97539 captures ABC's contribution. Record ID#97540 captures BOC's contribution. Record ID#97541 captures BoComm's contribution. Record ID#97542 captures ICBC's contribution. BOC contributed $30.00 million AUD, BoComm contributed $10.00 million AUD, and ICBC contributed $13.00 million AUD ($10.02 million USD) to the $228.33 million AUD seven-year term tranche. Record ID#97543 captures BOC's contribution. Record ID#97544 captures BoComm's contribution. Record ID#97545 captures ICBC's contribution. Then, on June 15, 2018, financial close was reached on a deal in which a syndicate of 13 banks — including ABC, BOC, BoComm, China Merchants Bank, Co., Ltd., and ICBC — entered into a $620.00 million AUD ($462.87 million USD) syndicated loan agreement with Millmerran Finance Company Pty Ltd for the 850 MW Queensland Millmerran Thermal Power Plant 2018 Refinancing Project. This loan was divided into three tranches: a $232.00 million AUD ($173.20 million USD) term tranche with a maturity period of three years and a final maturity date of June 15, 2021; a $221.00 million AUD ($164.99 million USD) term loan tranche with a maturity period of five years and a final maturity period of June 15, 2023; and a $167.00 million AUD ($124.68 million USD) term loan tranche with a maturity period of seven years and a final maturity date of June 15, 2025. The breakdown of contributions of the Chinese state-owned banks to the three-year $232 million AUD tranche is as follows: ABC contributed $15.00 million AUD ($11.20 million USD), BOC contributed $23.60 million AUD ($17.62 million USD), BoComm contributed $28.10 million AUD ($20.98 million USD), China Merchants Bank contributed $3.70 million AUD ($2.76 million USD), and ICBC contributed $39.30 million AUD ($29.34 million USD). Record ID#94723 captures ABC's contribution. Record ID#94725 captures BOC's contribution. Record ID#94726 captures BoComm's contribution. Record ID#94727 captures China Merchants' contribution. Record ID#94728 captures ICBC's contribution. The contributions of the other banks is as follows: Australia and New Zealand Banking Group (ANZ) ($6.70 million AUD; $5.00 million USD), DBS Bank ($12.70 million AUD; $9.48 million USD), Korea Exchange Bank ($13.10 million AUD; $9.78 million USD), Oversea-Chinese Banking Corporation, Limited (OCBC Bank) ($37.40 million AUD; $27.92 million USD), United Overseas Bank Limited (UOB) ($28.10 million AUD; $20.98 million USD), Westpac Banking Corporation ($6.70 million AUD), Woori Bank ($8.60 million AUD; $6.42 million USD), and Mizuho Bank ($12.50 million AUD; $9.33 million USD). The breakdown of contributions of the Chinese state-owned banks to the five-year $221 million AUD tranche is as follows: ABC contributed $14.20 million AUD ($10.60 million USD), BOC contributed $22.40 million AUD ($16.72 million USD), BoComm contributed $26.70 million AUD ($19.93 million USD), China Merchants Bank contributed $3.60 million AUD ($2.69 million USD), and ICBC contributed $37.40 million AUD ($27.92 million USD). Record ID#94730 captures ABC's contribution. Record ID#94731 captures BOC's contribution. Record ID#94732 captures BoComm's contribution. Record ID#94733 captures China Merchants' contribution. Record ID#94734 captures ICBC's contribution. The contributions of the other banks is as follows: ANZ ($6.40 million AUD; $4.78 million USD), DBS Bank ($12.10 million AUD; $9.03 million USD), Korea Exchange Bank ($12.50 million AUD), OCBC Bank ($35.60 million AUD; $26.58 million USD), UOB ($26.70 million AUD), Westpac ($6.40 million AUD), Woori ($8.20 million AUD; $6.12 million USD), and Mizuho ($8.20 million AUD; $6.12 million USD). The breakdown of contributions of the Chinese state-owned banks to the seven-year $167 million AUD tranche is as follows: ABC contributed $10.80 million AUD ($8.06 million USD), BOC contributed $16.90 million AUD ($12.62 million USD), BoComm contributed $20.20 million AUD ($15.08 million USD), China Merchants Bank contributed $2.70 million AUD ($2.02 million USD), and ICBC contributed $28.20 million AUD ($21.05 million USD). Record ID#94735 captures ABC's contribution. Record ID#94736 captures BOC's contribution. Record ID#94737 captures BoComm's contribution. Record ID#94738 captures China Merchants' contribution. Record ID#94739 captures ICBC's contribution. The contributions of the other banks is as follows: ANZ ($10.80 million AUD), DBS Bank ($9.10 million AUD; $6.79 million USD), Korea Exchange Bank ($9.40 million AUD; $7.02 million USD), OCBC Bank ($26.90 million AUD; $20.08 million USD), UOB ($20.20 million AUD), Westpac ($4.80 million AUD; $3.58 million USD), and Woori ($6.20 million AUD; $4.63 million USD). The proceeds of this debt supported the refinancing of the Millmerran Thermal Power Plant, a 850 MW coal-fired power plant located near the town of Millmerran on the Darling Downs of south Queensland. The power station became full operational in early 2003. It supplies electricity for approximately 1.1 million homes. Then, on July 12, 2021, a syndicate of six banks — including BOC, BoComm, China Everbright Bank, and ICBC — entered into a $364 million ($264.79 million USD) syndicated non-recourse project finance facility agreement with Millmerran Finance Company Pty Ltd for the 850 MW Queensland Millmerran Thermal Power Plant 2021 Refinancing Project. This loan carried a maturity period of five years and a final maturity date of June 2026. Record ID#94740 captures BOC's contribution. Record ID#97548 captures BoComm's contribution. Record ID#97549 captures China Everbright's contribution. Record ID#97550 captures ICBC's contribution..