Bank of China contributes $20 million AUD to a $1.55 billion AUD syndicated loan to Healthscope to facilitate its acquisition by the Carlyle Group and TPG Capital

Project narrative

In October 2010, a syndicate of 30 lenders — including the Bank of China (BOC) — entered into a $1.55 billion AUD syndicated loan agreement with Healthscope Limited, an Australian private healthcare operator, to facilitate its acquisition by U.S. private equity firms Carlyle Group and TPG Capital. BOC contributed $20 million AUD to the loan syndicate. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Macquarie Bank ($150 million AUD), Australia and New Zealand Banking Group (ANZ) ($110 million AUD), Westpac Banking Corporation ($86.4 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($85 million AUD), Commonwealth Bank of Australia (CBA) ($75 million AUD), Investec Bank Limited ($75 million AUD), DBS Bank ($75 million AUD), Crédit Agricole Corporate and Investment Bank (CACIB) ($70 million AUD), Mizuho Corporate Bank, Ltd. (MHCB) ($65 million AUD), United Overseas Bank Limited (UOB) ($61.8 million AUD), GE Capital ($58 million AUD), HSBC Bank PLC ($52.5 million AUD), Bank of America Merrill Lynch International Limited ($50 million AUD), Chinatrust Commercial Bank ($50 million AUD), Deutsche Bank AG ($50 million AUD), Société Générale S.A. (SocGen) ($50 million AUD), BNP Paribas S.A. ($45 million AUD), Natixis ($45 million AUD), Barclays Capital Inc. ($42.9 million AUD), Credit Suisse AG ($34.2 million AUD), UBS AG ($34.2 million AUD), Challenger Financial Services ($40 million AUD), Bank of East Asia Limited (BEA) ($20 million AUD), Korea Exchange Bank (KEB) ($20 million AUD), Taipei Fubon Commercial Bank ($20 million AUD), Taishin Bank ($20 million AUD), Taiwan Business Bank (TBB) ($20 million AUD), AustralianSuper Pty Ltd ($15 million AUD), Victorian Funds Management Corporation (VFMC) ($10 million AUD). BOC, BEA, KEB, Taipei Fubon Bank, Taishin Bank, and TBB joined in general syndication as lead arrangers with $20 million AUD tickets. Previously, on July 18, 2010, the Carlyle Group and TPG Capital had entered into a Scheme Implementation Agreement (SIA) with Healthscope in which Healthscope agreed to have all of its ordinary shares acquired by the consortium for a consideration of $6.26 AUD in cash per share, $1.73 billion USD in total after an indicative proposal was issued on May 13, 2010. Upon signing of the SIA, the transaction was expected to be completed by October 2010. The acquisition was completed in October 2010. Carlyle made the investment through its buyout vehicle Carlyle Asia Partners III. Healthscope went through an initial public offering (IPO) in July 2014; Carlyle and TPG Capital sold their remaining stake in Healthscope for $853.7 million AUD ($612 million USD) in November 2015.