Narrative
Full Description
Project narrative
On April 7, 2010, it was announced that a syndicate of 47 banks — including the Bank of China (BOC), the Industrial and Commercial Bank of China (ICBC), and Tai Fung Bank Limited — had entered into a $2.5 billion AUD ($2.33 billion USD) equivalent dual-currency multi-tranche syndicated revolving facility with Australian energy company Origin Energy Limited for the Origin Energy 2010 Refinancing Project. This facility was divided into five tranches: a $400 million AUD three-year tranche, a $225 million AUD three-year tranche, a $1.3 billion AUD five-year tranche, a $375 million AUD five-year tranche, and a $200 million USD five-year tranche. The proceeds of this facility were to be used by the borrower to refinance maturing debt. Record ID#93340 captures BOC's contribution. Record ID#93342 captures ICBC's contribution. Record ID#96411 captures Tai Fung Bank's contribution. On October 16, 2012, financial close was reached on a deal in which a syndicate of 38 banks — including BOC, the Bank of Communications (BoComm), and Tai Fung Bank — entered into a $2.4 billion AUD ($2.46 billion USD) revolver credit line facility agreement with Australian energy company Origin Energy Limited for the Origin Energy 2012 Refinancing Project. This facility was divided into a $941 million AUD ($963 million USD) four-year tranche maturing in October 2016, a $1.2 billion AUD ($1.23 billion USD) five-year tranche maturing in October 2017, and a $225 million AUD ($230 million USD) five-year tranche maturing in October 2017. The proceeds of this facility were to be used by the borrower to refinance existing loan facilities maturing in 2013 and 2014. Record ID#96412 captures BOC's contribution. Record ID#96413 captures BoComm's contribution. Record ID#96414 captures Tai Fung Bank's contribution. In addition to the three Chinese state-owned banks, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (NAZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB), Bank of America Merrill Lynch (BAML), Bank of East Asia Limited (BEA), the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Chang Hwa Commercial Bank, China Development Industrial Bank, Chinatrust Commercial Bank, Citi, Credit Suisse AG, DBS Bank, Deutsche Bank AG, DNB Bank, DZ Bank AG, E. Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank (HNCB), J.P. Morgan, KEB Asia Finance Limited (KEB Asia), Land Bank of Taiwan (LBOT), Lloyds Bank, Mega International Commercial Bank, Mizuho Bank, NordLB, Oversea-Chinese Banking Corporation (OCBC Bank), Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Shanghai Commercial & Savings Bank (SCSB), Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Mitsui Trust Bank (SMTB), Taipei Fubon Commercial Bank, Taiwan Cooperative Bank, United Overseas Bank Limited (UOB), and Westpac Banking Corporation. ANZ, CBA, and NAB served as original mandated lead arrangers and underwriters. The remainder of the banks joined in syndication, as mandated lead arrangers. In August 2013, a syndicate of banks entered into a $7.4 billion AUD bank loan facility with Origin. The proceeds of this facility were used by the borrower to refinance all existing bank debt, including the 2010 and 2012 loans. It is unclear whether any Chinese banks participated in this loan.
Staff comments
1. The individual contribution of 38 lenders to this $2.4 billion AUD syndicated loan is unknown. AidData has been assumed that all lenders contributed to all tranches. For the time being, AidData has estimated the contribution of BOC, BoComm, and Tai Fung Bank by assuming that each lender contributed an equal amount ($63,157,894.7368 AUD) to the syndicated loan. 2. For the time being, AidData has assumed that all lenders contributed to all tranches, and thus has coded the average of the maturities [(4 + 5 + 5)/3], or 4.666, as the maturity period for this record. 3. Origin Energy Limited is an ASX listed public company with headquarters in Sydney. It is a major integrated electricity generator, and electricity and natural gas retailer. It operates Australia’s largest coal-fired power station at Lake Macquarie, New South Wales (NSW).