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Overview

Bank of China contributes to a $425 million AUD syndicated lease facility to Leighton Holdings

Commitments (Constant USD, 2023)$95,398,493
Commitment Year•2012Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 12, 2012
Last repayment (originally scheduled)
Jun 11, 2017

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

  • Capital Finance Australia Limited (CFAL)
  • Caterpillar Financial Australia Limited
  • National Australia Bank Limited (NAB)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • CIMIC Group Limited (formerly Leighton Holdings Limited)

Loan description

Bank of China contributions to a $425 million AUD syndicated lease facility to Leighton Holdings

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 26, 2012, a syndicate of banks entered into a Master Finance Lease Agreement for the provision of a syndicated lease facility to Leighton Holdings Limited. On June 12, 2012, Leighton announced the successful syndication of the facility to a syndicate of banks — including the Sydney Branch of the Bank of China (BOC) — which were oversubscribed from $300 million AUD into a $425 million AUD syndicated lease facility. This facility carried a maximum lease term (tenor) of five years and an availability period of 12 months. The facility was intended to diversify Leighton's funding sources. In addition to BOC, the following banks contributed to the loan syndicate: National Australia Bank Limited (NAB), Capital Finance Australia Limited (the Asset Finance entity of BOS International (Australia) Limited), Caterpillar Financial Australia Limited (CFAL), and Westpac Banking Corporation. NAB served as sole mandated lead arranger and bookrunner. BOC Sydney Branch, Capital Finance Australia, and Caterpillar Financial joined in syndication as mandated lead arrangers. Westpac joined in syndication as a lead arranger.

Staff comments

1. The individual contribution of the five lenders to this $425 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 ($85,000,000 AUD) to the syndicated lease facility. 2. Leighton Holdings Limited was later renamed as CIMIC Group Limited in April 2015.