Narrative
Full Description
Project narrative
On April 30, 2010, a syndicate of 24 banks — including the Bank of China (BOC), the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)), and CMB Wing Lung Bank — entered into a $430 million AUD syndicated loan agreement with Qantas Airways Limited, Australia's flag carrier airline. This loan carried a maturity period of four years and a final maturity date of April 2014. The proceeds of this loan were used by the borrower to refinance an $315 million AUD existing facility signed in 2006 and for Qantas' general corporate purposes. Record ID#94987 captures BOC's contribution. Record ID#94988 captures ICBC (Asia)'s contribution. Record ID#94989 captures CMB Wing Lung Bank's contribution. In addition to the three Chinese banks, the following lenders contributed to the loan syndicated: Australia and New Zealand Banking Group (ANZ), BNP Paribas S.A., HSBC Bank PLC, Oversea-Chinese Banking Corporation (OCBC Bank), Sumitomo Mitsui Banking Corporation, (SMBC), Bank of East Asia Limited (BEA), Crédit Industriel et Commercial (CIC), Goldman Sachs, UBS AG, Chinatrust Commercial Bank, Mega International Commercial Bank Co., Ltd., Morgan Stanley, Bank of America Merrill Lynch (BAML), Bank of Kaohsiung (BOK), Bank of Taiwan, Chang Hwa Commercial Bank, China Development Industrial Bank (CDIB), Citi, Hua Nan Commercial Bank, Ltd. (HNCB), Land Bank of Taiwan Co., Ltd. (LBOT), Macquarie Bank Limited, Taishin International Bank, Taiwan Business Bank (TBB), and Taiwan Shin Kong Commercial Bank. ANZ and BNP Paribas served as mandated lead arrangers and bookrunners. HSBC, OCBC Bank, and SMBC joined in syndication as mandated lead arrangers. ICBC (Asia), Wing Lung Bank, BEA, CIC, Goldman Sachs, and UBS joined in syndication as lead arrangers. BOC, Chinatrust Commercial Bank, Mega International Commercial Bank, and Morgan Stanley served as arrangers. BAML, BOK, Bank of Taiwan, Chang Hwa Commercial Bank, CDIB, Citi, HNCB, LBOT, Macquarie, Taishin Bank, TBB, and Taiwan Shin Kong Commercial Bank served as lead managers. On April 11, 2013, Qantas refinanced the $430 million AUD term loan (considered part of its $1.28 billion AUD unsecured syndicated loan facility) with a $550 million AUD term loan facility and a $230 million AUD revolving loan facility, both with maturity periods of four years and final maturity dates of April 2017. It is unclear whether Chinese banks participated in this refinancing.
Staff comments
1. The individual contribution of the 24 lenders to this $430 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of CMB Wing Lung Bank ($17,916,666.6667 AUD) by assuming that each lender contributed an equal amount to the syndicated loan. 2. AidData has determined this loan was signed on April 30, 2010 because "Qantas five-year CDS widens" states financial close was reached in April and the loan was identified as being committed between April 30 and May 6, 2010 in "Loan week, April 30-May 6", with April 30 being the only April date in that week.