Narrative
Full Description
Project narrative
On July 20, 2011, it was announced that a syndicate of 11 banks — including the Bank of China (BOC) — had entered into a $1 billion AUD syndicated dual-tranche facility (loan) agreement with AGL Energy Limited — an Australian energy company — for the AGL Energy 2011 Refinancing Project. This loan was divided into a $600 million AUD three-year term loan tranche and a $400 million AUD five-year revolver tranche. The proceeds of this loan were to be used by the borrower to refinance a December 2006 existing facility worth $886 million AUD due for repayment in October 2011 and to fund the borrower's general corporate purposes, specifically to provide additional funding for AGL Energy's capital expenditure program. BOC contributed $100 million AUD to the loan syndicate. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Australia and New Zealand Banking Group (ANZ) ($100 million AUD), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) ($100 million AUD), BNP Paribas S.A. ($100 million AUD), Commonwealth Bank of Australia (CBA) ($100 million AUD), Mizuho Corporate Bank (MHCB) ($100 million AUD), National Australia Bank Limited (NAB) ($100 million AUD), Sumitomo Mitsui Banking Corporation (SMBC) ($100 million AUD), Westpac Banking Corporation ($100 million AUD), the Bank of Nova Scotia (Scotiabank) ($60 million AUD), Mega International Commercial Bank Co., Ltd. ($40 million AUD). All 11 lenders served as mandated lead arrangers, although the loan was self-arranged by AGL Energy.
Staff comments
1. While the contributions of BOC is known, information on whether it contributed to each tranche, and the breakdown of its contributions to those tranches, is unknown. For the time being, AidData has assumed that they contributed equally to the tranches, and thus AidData has coded the average of the maturities of the tranches (3 + 5)/2, or 4, as the maturity period for this record.