Bank of Communications contributes $30.77 million AUD to the $475 million AUD tranche of a $815 million AUD syndicated loan for the Hills M2 Motorway PPP 2020 Refinancing Project (Linked to Record ID#95146, #95147, #95148, #95149, and #95150)

Project narrative

On April 2, 2020, financial close was reached on a deal in which a syndicate of 16 banks — including the Bank of Communications (BoComm), China Everbright Bank, and the Industrial and Commercial Bank of China (ICBC) — provided a $815.00 million AUD ($494.93 million USD) syndicated loan facility to Hills Motorway Management Ltd — a special purpose vehicle (SPV) wholly owned by Transurban — for the Hills M2 Motorway Public-Private Partnership (PPP) 2020 Refinancing Project. The facility consisted of two tranches: a $475.00 million AUD ($288.46 million USD) term loan tranche with a maturity period of 10 years and a $340.00 million AUD ($206.48 million USD) term loan tranche with a maturity period of 10 years. The proceeds of this facility were to be used by the borrower to refinance he Hills M2 Motorway toll road in New South Wales. Specifically, the facility refinanced the 2010 $738.51 million AUD ($729.48 million USD) loan used to expand the 21-kilometer Hills M2 Motorway in northern Sydney with new tolled west-facing Windsor Road on- and off-ramps, an additional eastbound lane from Windsor Road to Pennant Hills Road, an additional eastbound lane from Pennant Hills Road through M2 Tunnel to Lane Cove Rd, including a T2/bus lane from Terry Creek, a new tolled Christie Road eastbound on-ramp, a new tolled Herring Road westbound off-ramp, and an additional westbound lane from Lane Cove Road to Pennant Hills Road. The maturities on the 2010 were due to mature in December 2020 and November 2022. BoComm, China Everbright, ICBC, and 15 of the 16 lenders on the $475 million AUD tranche each contributed $30.77 million AUD ($18.69 million USD); MUFG Bank, Ltd. contributed $10.00 million AUD; $6.07 million USD). Record ID#95145 captures BoComm's contribution. Record ID#95146 captures China Everbright's contribution. Record ID#95147 captures ICBC's contribution. BoComm, China Everbright, ICBC, and 15 of the 16 lenders on the $340 million AUD tranche each contributed $19.52 million AUD ($11.86 million USD); MUFG Bank, Ltd. contributed $45.00 million AUD; $27.33 million USD). Record ID#95148 captures BoComm's contribution. Record ID#95149 captures China Everbright's contribution. Record ID#95120 captures ICBC's contribution. In addition to the three Chinese banks, the following banks contributed to the loan syndicate: MUFG Bank, Ltd., National Australia Bank Limited (NAB), Norinchukin Bank (Nochu Bank), Hua Nan Commercial Bank Co., Ltd. (HNCB), Crédit Industriel et Commercial (CIC), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Sumitomo Mitsui Trust Bank, Limited (SMTB), Taiwan Business Bank (TBB), Taiwan Cooperative Bank, Hyakugo Bank, Daido Life Insurance Company, Hong Kong Mortgage Corporation, and Pensionskasse des Bundes PUBLICA. MUFG Bank and NAB served as the joint arrangers.