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Overview

China Development Bank contributes to a $1.5 billion USD syndicated loan for the CNOOC Curtis Funding No.2 2016 Refinancing Project (Linked to Record ID#97350, #97351, and #97353)

Commitments (Constant USD, 2023)$181,786,929
Commitment Year•2016Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2016

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 Policy Banks

  • China Development Bank (CDB)

Cofinancing agencies

Private Sector

  • Citibank, N.A.
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Bank of China (BOC)
  • China Construction Bank Corporation (CCB)
  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • CNOOC Curtis Funding No.2 Pty Ltd

Loan description

2016 $1.5 billion USD syndicated loan for the CNOOC Curtis Funding No.2 2016 Refinancing Project in Australia

Interest rate (t₀)•2.441%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In or around December 2016, a syndicate of nine banks — including the Bank of China (BOC), China Construction Bank Corporation (CCB), China Development Bank (CDB), and the Industrial and Commercial Bank of China (ICBC) — signed a $1.5 billion USD syndicated term loan agreement with CNOOC Curtis Funding No.2 Pty Ltd — a special purpose vehicle (SPV) owned by China National Offshore Oil Corporation (CNOOC) — for the CNOOC Curtis Funding No.2 2016 Refinancing Project. The proceeds of this loan were to be used by the borrower to refinance a $1.5 billion USD facility signed in June 2014. BOC's contribution is captured by Record ID#97350. CCB's contribution is captured by Record ID#97351. CDB's contribution is captured by Record ID#97352. ICBC's contribution is captured by Record ID#97353. In addition to the four Chinese state-owned banks, the following lenders contributed to the loan syndicate: Citibank N.A., Oversea-Chinese Banking Corporation, Limited (OCBC Bank), Standard Chartered Bank PLC, Sumitomo Mitsui Banking Corporation (SMBC), and Westpac Banking Corporation. All of these lenders, including the Chinese banks, were jointed mandated lead arrangers. The June 2014 loan was borrowed by an entity of CNOOC incorporated in Australia, was guaranteed by CNOOC, carried a maturity period of five years with bullet repayment, and an interest rate of LIBOR plus a margin of 115 basis points. It is unclear whether any Chinese state-owned banks participated in this loan.

Staff comments

1. The individual contribution of the nine lenders to this $1.5 billion USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of the Chinese state-owned banks by assuming that each lender contributed an equal amount ($166,666,666.667 USD) to the syndicated loan.