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Overview

Bank of China contributes $6 million AUD to a $269.5 million AUD syndicated bullet loan to AGL Energy for unspecified purposes

Commitments (Constant USD, 2023)$8,343,453
Commitment Year•2007Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•Macau (China)Sector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2007
Last repayment (originally scheduled)
Oct 31, 2008

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Bank of Nova Scotia (Scotiabank)
  • Citibank, N.A.
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Fortis Bank
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Scotiabanc Inc.
  • Société Générale S.A. (SocGen or Societe Generale)
  • TD Securities Inc.
  • Westpac Banking Corporation

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • AGL Energy Limited

Loan description

Bank of China contributions to a $269.5 million AUD syndicated bullet loan to AGL Energy for unspecified purposes

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

Between October 26 and November 1, 2007, a syndicate of 25 banks — including the Bank of China (Macau) (BOC) — entered into a $269.5 million AUD syndicated bullet loan agreement with AGL Energy Limited — an Australian energy company — for unspecified purposes. This loan carried a maturity period of one year. BOC Macau contributed $6 million AUD as an co-arranger. In addition to BOC Macau, the following lenders contributed the respective amounts in the following roles: Royal Bank of Scotland (RBS) ($21.5 million AUD) (mandated lead arranger), Westpac Banking Corporation ($21.5 million AUD) (mandated lead arranger), Mizuho Corporate Bank (MHCB) ($25 million AUD) (arranger), Australia and New Zealand Banking Group (ANZ) ($19 million AUD) (arranger), Société Générale S.A. (SocGen) ($9 million AUD) (arranger), Bayerische Landesbank ($28 million AUD) (co-arranger), JP Morgan ($14 million AUD) (co-arranger), Toronto Dominion Securities ($14 million AUD) (co-arranger) lead managers with holds of A$14.5 million each were the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($14.5 million AUD) (lead manager), Banco Bilbao Vizcaya Argentaria (BBVA) ($14.5 million AUD) (lead manager), Citi ($14.5 million AUD) (lead manager), Fortis ($14.5 million AUD) (lead manager), Mega International Commercial Bank ($14.5 million AUD) (lead manager), Overseas-Chinese Banking Corporation Limited (OCBC Bank) ($14.5 million AUD) (lead manager), Commonwealth Bank of Australia (CBA) ($10 million AUD), the Bank of Nova Scotia (Scotiabank) ($9.7 million AUD), and Scotiabanc Inc. ($4.8 million AUD).

Staff comments

1. "Loan week, October 26-November 1" states that 25 banks participated, but only lists the contributions of 18 banks, and these contributions equal $269.5 million AUD. It is possible this loan was larger, that the contributions were further syndicated, or multiple branches of the 18 institutions contributed. This issue merits further investigation.