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Overview

ICBC contributes to a $410 million AUD syndicated loan for the AGL Energy 2015 Refinancing Project

Commitments (Constant USD, 2023)$53,684,717
Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 12, 2015
Last repayment (originally scheduled)
Aug 11, 2021

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
  • Mizuho Bank, Ltd.
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • AGL Energy Limited

Loan description

2015 $410 million AUD syndicated loan for the AGL Energy 2015 Refinancing Project in Australia

Interest type•UnknownMaturity•6.5 years

Narrative

Full Description

Project narrative

Between February 6 and 12, 2015, a syndicate of six banks — including the Bank of China (BOC), China Construction Bank Corporation (CCB), and the Industrial and Commercial Bank of China (ICBC) — entered into a $410 million AUD agreement with AGL Energy Limited, an Australian energy company, for the AGL Energy 2015 Refinancing Project. This term loan carried a maturity period of 6.5 years. The proceeds of this loan were to be used by the borrower for refinancing purposes, specifically to partially prepay senior debt for the Loy Yang A Power Station and a $100 million AUD bridge facility established in April 2015 to refinance an on market buy-back of Loy Yang CPI Indexed bonds. Record ID#96425 captures BOC's contribution. Record ID#96426 captures CCB's contribution. Record ID#96427 captures ICBC's contribution. In addition to the three Chinese state-owned banks, the following lenders contributed to the loan syndicate: Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mega International Commercial Bank. Mizuho and SMBC served as bookrunners and mandated lead arrangers Mizuho Bank and SMBC. BOC, CCB, ICBC, and Mega International Commercial Bank joined in as lenders during syndication.

Staff comments

1. The individual contribution of the six lenders to this $410 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($68,333,333.3333 AUD) to the syndicated loan.