Narrative
Full Description
Project narrative
Between June 13 and 19, 2008, a syndicate of 17 banks — including the Macau and Sydney Branches of the Bank of China (BOC) — entered into a $550 million AUD dual-tranche syndicated loan agreement with AGL Energy Limited, an Australian energy company, for the AGL Energy 2008 Refinancing Project. This loan carried a maturity period of 2.5 years (maturing in October 2010 and was divided into a $222.5 million AUD tranche and a $327.5 million AUD working capital revolver tranche. The proceeds of this loan were used by the borrower to refinance its existing debt. In addition to the BOC Macau and Sydney Branches, the following banks contributed to this loan: Royal Bank of Scotland (RBS), Westpac Banking Corporation, Australia and New Zealand Banking Group (ANZ), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Bayerische Landesbank (BayernLB), Citi, Commonwealth Bank of Australia (CBA), the Singapore Branch of Fortis Bank, JPMorgan, Mega International Commercial Bank, Mizuho Corporate Bank (MHCB), Oversea-Chinese Banking Corporation Limited (OCBC Bank), the Bank of Nova Scotia (Scotiabank), and Toronto Dominion Bank (TD Bank). RBS and Westpac served as lead arranger and bookrunners; the deal was oversubscribed and increased from $500 million AUD). As of June 30, 2018, the $327.5 million AUD tranche was undrawn but the $222.5 million AUD had been fully drawn down. Both tranches were cancelled in June 2009 after AGL Energy entered into loans to refinance them.
Staff comments
1. The individual contribution of the 17 lenders to this $550 million AUD syndicated loan is unknown; AidData has assumed each lender contributed to each tranche. For the time being, AidData has estimated the contribution of BOC by assuming that each lender made equal contributions ($32,352,941.1765 AUD each) to the syndicated loan.