Bank of Communications contributes to the $700 million AUD revolver tranche of a $2 billion AUD syndicated loan for the Woolworths 2016 Refinancing Project

Project narrative

In late April 2016, a syndicate of 49 banks — including the Sydney, Hong Kong, and Macau Branches of the Bank of (BOC), China Construction Bank Corporation (CCB), the Agricultural Bank of China (ABC), the Industrial and Commercial Bank of China (ICBC), and the Bank of Communications (BoComm) and the Tokyo Branch of BoComm — entered into a $2 billion AUD-equivalent dual-currency syndicated loan facility agreement with Australian retail company Woolworths Limited for the Woolworths 2016 Refinancing Project. This facility was divided into three tranches: a $700 million AUD revolver tranche with a maturity period of three years, an interest rate of BBSY plus a margin of 130 basis points (bps), and a commitment fee of 40% of the margin (0.52%); a $965 million AUD revolver tranche with a maturity period of 5.5 years, an interest rate of BBSY plus a margin of 160 bps, and a commitment fee of 40% of the margin (0.64%); and a $260 million USD term loan tranche with a maturity period of 5.5 years and an interest rate of LIBOR plus a margin of 160 bps. The proceeds of this loan were used by the borrower to repay debt maturing during the 2016 fiscal year. This loan was oversubscribed from its $1.2 billion AUD launch. Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB), and Westpac Banking Corporation ($11 million AUD) served as the mandated lead arrangers. $700 million AUD revolver tranche: BOC Sydney, Hong Kong, and Macau Branches contributed $72 million AUD (Records ID #96360, #109955, and #109956), CCB contributed $48 million AUD (Record ID #96363), ABC contributed $42 million AUD (Record ID #96365), ICBC contributed $42 million AUD (Record ID #96367), and BoComm and its Tokyo Branch contributed $28 million AUD (Record ID #96369 and #109963). In addition to the Chinese banks, the following lenders contributed the respective amounts to the $700 million AUD tranche: ANZ ($11 million AUD), CBA ($11 million AUD), NAB ($11 million AUD), Westpac ($11 million AUD), the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($42 million AUD), Mizuho Bank ($42 million AUD), Rabobank ($42 million AUD), Bank of America Merrill Lynch (BAML) ($33 million AUD), Citi ($29 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($29 million AUD), the State Bank of India (SBI) Sydney and SBI Singapore ($21 million AUD), BNP Paribas Sydney ($18 million AUD), Crédit Industriel et Commercial (CIC) Singapore ($15 million AUD), Mega International Commercial Bank ($8 million AUD), the Bank of East Asia (BEA) ($13 million AUD), KEB Hana of Korea ($12 million AUD), OBU Branch of E.SUN Commercial Bank, Ltd. ($12 million AUD), Metrics Credit Partners ($12 million AUD), Taishin International Bank ($12 million AUD), the Sydney and OBU Branches of Taiwan Business Bank (TBB) ($6 million AUD), Hua Nan Commercial Bank (HNCB) ($7 million AUD), the Shanghai Commercial & Savings Bank OBU (SCSB) ($8 million AUD), CTBC Bank ($8 million AUD), and Woori Bank ($15 million AUD). $965 million AUD revolver tranche: BOC Sydney, Hong Kong, and Macau Branches contributed $100 million AUD (Records ID #96361, #109957, and #109958), CCB contributed $72 million AUD (Record ID #96364), ABC contributed $58 million AUD (Record ID #96366), ICBC contributed $58 million AUD (Record ID #96368), and BoComm and its Tokyo Branch contributed $42 million AUD (Records ID #96370 and #109962). In addition to the Chinese banks, the following lenders contributed the respective amounts to the $965 million AUD revolver tranche: ANZ ($14 million AUD), CBA ($14 million AUD), NAB ($14 million AUD), Westpac ($14 million AUD), BTMU ($58 million AUD), Mizuho ($58 million AUD), Rabobank ($58 million AUD), BAML ($47 million AUD), Citi ($41 million AUD), SMBC ($41 million AUD), SBI Sydney/Singapore ($29 million AUD), BNP Sydney ($27 million AUD), CIC Singapore ($25 million AUD), Mega International Commercial Bank ($15 million AUD), KEB Hana ($18 million AUD), E. Sun ($18 million AUD), Metrics Credit Partners ($18 million AUD), Taishin Bank ($18 million AUD), TBB Sydney/OBU ($10 million AUD), HNCB Sydney ($12 million AUD), Taiwan Cooperative Bank ($13 million AUD), CTBC ($9 million AUD), and First Commercial Bank ($6 million AUD). $260 million USD term loan tranche: BOC Sydney, Hong Kong, and Macau Branches contributed $7 million USD (Records ID #96362, #109959, and #109960) and BoComm and its Tokyo Branch contributed $14 million AUD (Records ID #96371 and #109961). In addition to the Chinese banks, the following lenders contributed the respective amounts to the $260 million USD term loan tranche: SBI Sydney/Singapore ($9 million USD), Mega International ($11 million USD), BEA ($14 million USD), TBB Sydney/OBU ($9 million USD), HNCB Sydney ($5 million USD), Korea Development Bank (KDB) and KDB Singapore ($24 million USD), Shinsei Bank ($21 million USD), Taiwan Cooperative Bank ($6 million USD), Bank of Taiwan ($14 million USD), Chang Hwa Commercial Bank ($14 million USD), Nomura Trust ($14 million USD), Sumitomo Mitsui Trust Bank (SMTB) ($14 million USD), SCSB ($7 million USD), Taichung Commercial ($11 million USD), Nishi-Nippon City Bank ($9 million USD), 77 Bank ($9 million USD), Bank of Kaohsiung OBU (BOK) ($7 million USD), Bank SinoPac ($7 million USD), Chugoku Bank ($7 million USD), Land Bank of Taiwan (LBOT) ($7 million USD), Eastspring Investments Singapore ($5 million USD), Iyo Bank ($5 million USD), Minato Bank ($5 million USD), and Taiwan Shin Kong Commercial ($5 million USD). In October 2019, a syndicate of 47 banks — including Chinese banks, which contributed 32% of the face value of the facility — entered into a $2 billion AUD syndicated loan with Woolworths. The proceeds of this loan refinanced the 2016 $2 billion AUD loan. It is unclear which Chinese banks were involved.