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Overview

Bank of China Hong Kong contributes to a $350 million AUD syndicated loan to TRUEnergy for refinancing purposes and funding greenfield project developments

Commitments (Constant USD, 2023)$63,183,427
Commitment Year•2009Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•Hong Kong (China)Sector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2009

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • EnergyAustralia Pty Ltd (Formerly TRUEnergy Pty Ltd)

Loan description

Bank of China Hong Kong contributions to a $350 million AUD syndicated loan to TRUEnergy for refinancing purposes and funding greenfield project developments

Interest type•Unknown

Narrative

Full Description

Project narrative

In early September 2009, a syndicate of six banks — including Bank of China (Hong Kong) Limited (BOCHK) — signed a $350 million AUD syndicated loan agreement with TRUEnergy Pty Ltd — an Australia-incorporated energy and electric generating company and wholly owned subsidiary of China Light and Power (CLP Group) (now known as EnergyAustralia Pty Ltd — for refinancing purposes and funding greenfield project developments. The proceeds of this syndicated loan were to be used by the borrower to refinance a $650 million AUD three-year tranche of $1.6 billion AUD in debt maturing in August 2009 and to finance greenfield project developments in Australia. In addition to BOCHK, Australia and New Zealand Banking Group (ANZ), National Australia Bank Limited (NAB), Royal Bank of Scotland (RBS), Westpac, and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) participated in this syndicated loan. BOCHK, ANZ, NAB, RBS, and Westpac served as bookrunners and mandated lead arrangers. BBVA joined in syndication at a lower level. Syndication was completed between October 16 and 22, 2009.

Staff comments

1. The individual contribution of the six lenders to this $350 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOCHK ($58,333,333.3333 AUD) by assuming that each lender contributed an equal amount to the syndicated loan.