Narrative
Full Description
Project narrative
In late December 2004, a syndicate of 34 banks — including the Macau Branch of the Bank of China (BOC) and the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — entered into a $4.0 billion USD unsecured multi-currency syndicated facility (loan) agreement with Westfield Group, an Australian shopping center company, for the Westfield Group 2004 Refinancing Project. This facility consisted of a three year tranche (approximately one-third of the loan's value, or ~$1,333,333,333 USD) with an interest rate of LIBOR plus a margin of 37.5 basis points (bps) and a five tranche (approximately two-thirds of the loan's value, or ~$2,666,666,666 USD) with an interest rate of LIBOR plus a margin of 45 bps. The loan was available for drawing in the United States and Australia. The proceeds of this facility were to be used by the borrower to refinance existing debt and for its general corporate purposes. The facility was launched in syndication at $2.5 billion USD and was reportedly the largest ever syndication in the Australian market. The Macau Branch of BOC contributed $25 million USD as a manager and ICBC (Asia) contributed $25 million USD as a manager. Record ID#95895 captures BOC's contribution. Record ID#95896 captures ICBC (Asia)'s contribution. Then, between June 23 and 29, 2007, a syndicate of 35 banks — including BOC Macau and Nanyang Commercial Bank (NCB) — entered into a $4.685 billion USD syndicated multi-tranche facility (loan) agreement with Westfield Group, an Australian shopping center company. The facility consisted of a $1.65 billion USD three-year revolving credit facility maturing in 2011, a $2.475 billion USD revolver maturing in 2013, and a $560 million USD term loan maturity in 2013. The proceeds of this facility were to be used by the borrower to refinance the $4.0 billion USD existing deal signed in December 2004; this loan was oversubscribed from its initial $4 billion USD target. BOC committed $30 million USD and NCB committed $80 million USD to the loan syndicate. Record ID#94991 captures BOC's contribution. Record ID#94992 captures NCB's contribution. In addition to BOC and NCB, the following banks contributed the respective amounts to the syndicate: Australia and New Zealand Banking Group Limited (ANZ) ($225 million USD), Bank of Nova Scotia (Scotiabank) ($225 million USD), Barclays Capital ($225 million USD), BNP Paribas S.A. ($225 million USD), Citi ($225 million USD), ING Bank ($225 million USD), National Australia Bank Limited (NAB) ($225 million USD), ABN AMRO ($150 million USD), Commonwealth Bank of Australia (CBA) ($150 million USD), Credit Suisse AG ($150 million USD), Deutsche Bank AG ($150 million USD), JP Morgan ($150 million USD), Lloyds TSB ($150 million USD), Merrill Lynch ($150 million USD), Morgan Stanley ($150 million USD), Société Générale S.A. (SocGen) ($150 million USD), Sumitomo Mitsui Banking Corporation ($150 million USD), Royal Bank of Scotland (RBS) ($150 million USD), Toronto-Dominion Bank ($150 million USD), Wachovia Bank ($150 million USD), Westpac Banking Corporation ($150 million USD), Bank of America ($100 million USD), BayernLB ($100 million USD), HSBC Bank PLC ($100 million USD), Landesbank Baden-Württemberg (LBBW) ($100 million USD), Oversea-Chinese Banking Corporation (OCBC Bank) ($100 million USD), Bank of Tokyo-Mitsubishi UFJ, Limited (BTMU) ($75 million USD), Mizuho Bank ($75 million USD), Norinchukin Bank (Nochu Bank) ($75 million USD), WestLB AG ($75 million USD), Calyon ($50 million USD), Mega International Commercial Bank ($25 million USD), and Chang Hwa Commercial Bank Limited ($25 million USD). ANZ, Scotiabank, Barclays Capital, BNP Paribas, Citi, ING Bank, and NAB served as arrangers. ABN AMRO, CBA, Credit Suisse, Deutsche Bank, JP Morgan, Lloyds TSB, Merrill Lynch, Morgan Stanley, SocGen, SMBC, RBS, Toronto Dominion Bank, Wachovia Bank, and Westpac served as co-arrangers. NCB, Bank of America, BayernLB, HSBC, LBBW Bank, and OCBC Bank served as lead managers. BTMU, Mizuho, Nochu Bank, and WestLB served as senior managers. BOC, Calyon, Mega International Commercial, and Chang Hwa Commercial Bank served as lenders.
Staff comments
1. While the contributions of BOC and NCB are both known, information on whether they contributed to each tranche, and the breakdown of their contributions to those tranches, is unknown. For the time being, AidData has assumed that they contributed equally to the tranches, and has coded the average of the maturities (3, 5, and 5)/3, or 4.333, as the maturity period.