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Overview

Tai Fung Bank contributes to a $700 million AUD syndicated loan to Hongkong Electric International Finance (Australia) for unspecified purposes (Linked to Record ID#96638 and #96639)

Commitments (Constant USD, 2023)$113,606,837
Commitment Year•2003Country 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
Apr 29, 2003
Last repayment (originally scheduled)
Apr 27, 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% Chinese ownership

Funding agencies

State-owned Banks

  • Tai Fung Bank Limited

Cofinancing agencies

Private Sector

  • CMB Wing Lung Bank (formerly Wing Lung Bank)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Hang Seng Bank Limited
  • HSBC Bank PLC
  • Standard Chartered Bank PLC

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Bank of Communications (BoCom or BoComm)

Receiving agencies

Private Sector

  • Hongkong Electric International Finance (Australia) Pty Ltd.

Loan description

BOC, BoComm, and Tai Fung Bank contribute to a $700 million AUD syndicated loan to Hongkong Electric International Finance (Australia) for unspecified purposes 2003

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On April 29, 2003, a syndicate of nine banks — including the Bank of China (BOC), the Macau Branch of BOC, the Bank of Communications (BoComm), and Tai Fung Bank Limited — signed a $700 million AUD dual-currency syndicated loan agreement with Hongkong Electric International Finance (Australia) Pty Ltd. — a wholly-owned Australian subsidiary of Hongkong Electric Holdings Limited (HEH) — for unspecified purposes. This loan carried a maturity period of five years. Record ID #96638 captures BOC's contribution. Record ID #109942 captures BOC Macau Branch's contribution. Record ID #96639 captures BoComm's contribution. Record ID #96640 captures Tai Fung Bank's contribution. In addition to the Chinese state-owned banks, the following lenders contributed to the loan syndicate: HSBC, Hang Seng Bank, Standard Chartered Bank, Commonwealth Bank of Australia (CBA), and Wing Lung Bank. BOC, HSBC, Hang Seng, and Standard Chartered served as arrangers. BOC Macau, Tai Fung, BoComm, CBA, and Wing Lung joined in syndication.

Staff comments

1. The individual contribution of the nine lenders to this $700 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC, BOC Macau, Tai Fung, and BoComm by assuming that each lender contributed an equal amount ($77,777,777.7778 AUD) to the syndicated loan, with BOC and BOC Macau's contributions combined ($155,555,555.556 AUD). 2. "Asia syndicated loans", published on April 25, 2003, states that allocations for this loan were being finalized and signing was scheduled for April 29, 2003 in Hong Kong. AidData has coded this date as the commitment date, but has marked the commitment_date_estimated? field as True in recognition that it does not have a confirming source stating it was signed this day. However, AidData has still coded the project_status field as Pipeline: Commitment because joining in syndication and arranging a loan are forms of commitment, even when disregarding the fact that signing was imminent.