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Overview

Tai Fung Bank contributes to a $617 million AUD syndicated loan for the Hongkong Electric International Finance (Australia) 2006 Refinancing Project

Commitments (Constant USD, 2023)$79,270,259
Commitment Year•2006Country 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
Jan 19, 2006

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

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Citigroup Inc.
  • Fortis Bank
  • HSBC Bank PLC
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank (Hong Kong) Limited
  • Westpac Banking Corporation

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Hongkong Electric International Finance (Australia) Pty Ltd.

Loan description

Tai Fung Bank contributions to a $617 million AUD syndicated loan for the Hongkong Electric International Finance (Australia) 2006 Refinancing Project

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

On January 19, 2006, it was announced that a syndicate of 11 banks — including Tai Fung Bank Limited — had signed a $617 million AUD ($3.57 billion HKD) syndicated term loan facility agreement with Hongkong Electric International Finance (Australia) Pty Ltd. — a wholly-owned Australian subsidiary of Hongkong Electric Holdings Limited (HEH) — for the Hongkong Electric International Finance (Australia) 2006 Refinancing Project. This loan carried a maturity period of five years and an interest rate based on a floating rate plus a margin of 0.20% per annum. HEH issued a full guarantee for this loan. The proceeds of this loan were to be used by the borrower to refinance existing banking facilities for HEH's Australian investments. In addition to Tai Fung Bank, the following banks contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Citigroup, HSBC, Mizuho Corporate Bank, Ltd. (MHCB), the Royal Bank of Scotland plc (RBS), Standard Chartered Bank (Hong Kong) Limited, Fortis Bank, Westpac Institutional Bank, and the Hong Kong Branch of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). Tai Fung Bank served as arranger. The Hong Kong Branch of BBVA served as the Lead Manager. BTMU served as the Agent. ANZ, BTMU, Citigroup, HSBC, MHCB, RBS, Standard Chartered Hong Kong, Fortis Bank, and Westpac served as coordinating arrangers.

Staff comments

1. The individual contribution of the nine lenders to this $617 million AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of Tai Fung by assuming that each lender contributed an equal amount ($56,090,909.0909 AUD) to the syndicated loan.