China Construction Bank contributes $50 million AUD to a $433.9 million AUD syndicated loan for the Eastern Distributor Motorway (M1) 2022 Refinancing Project (Linked to Record ID#93838)

Project narrative

On May 14, 2018, a syndicate of five banks — including China Construction Bank Corporation (CCB) — entered into a non-recourse $226 million AUD ($170.5 million USD) syndicated loan agreement with Airport Motorway Group (AMT) Management Ltd. — a special purpose vehicle jointly owned by Transurban (75.1% equity), IFM Investors (14.4% equity), and UniSuper (10.5% equity) — for the Eastern Distributor (ED) Motorway (M1) Refinancing Project. This term loan carried a tenor (maturity) of four years and a final maturity date of May 14, 2022 and required principle repayments throughout its life, with $23 million AUD with $23 million USD due within one year of June 30, 2018. The proceeds of this loan were used by the borrower to refinance the M1 Eastern Distributor, specifically by repaying $225 million AUD of existing ED bank debt that was due to mature in July 2018. Record ID#93838 captures CCB's contribution. Then, on February 23, 2022, a syndicate of five banks — including CCB — entered into a $433.90 million AUD ($313.84 million USD) syndicated loan agreement with Airport Motorway Group (AMT) Management Ltd. for the Eastern Distributor (ED) Motorway (M1) 2022 Refinancing Project. This loan carried a maturity period of 8.8 years. The proceeds of this loan were used to refinance the 2018 syndicated loan and a loan committed in 2020. CCB contributed $50.00 million AUD ($36.17 million USD) to the loan syndicate. In addition to CCB, the following lenders contributed the respective amounts to the syndicated loan: Commonwealth Bank of Australia Bank (CBA) ($125.00 million AUD; $90.41 million USD), Westpac Banking Corporation ($65.00 million AUD; $47.02 million USD), Mizuho Financial Group (MHFG) ($78.90 million AUD; $57.07 million USD), and Sumitomo Mitsui Banking Corporation (SMBC) ($115.00 million AUD; $83.18 million USD). Record ID#95336 captures CCB's contribution. The ED M1 is a six kilometer-section (3.7 mile) of the M1 motorway in Sydney. It links Sydney's central business district, Sydney Harbour Tunnel, and Sydney Harbour Bridge with the city's southern suburbs and Sydney Airport. It opened to traffic in December 1999. It is owned and operated by Airport Motorway Limited, which AMT Management is the trustee for. The toll road is under a 48-year concession.