Narrative
Full Description
Project narrative
On July 3, 2018, a syndicate of six banks — including the Bank of China (BOC) — entered into a $545.0 million AUD syndicated revolving debt facility agreement with carsales.com Ltd, an Australian digital automobile retailer, for the carsales.com Ltd 2018 Refinancing Project. This loan consisted of two tranches: a $335 million AUD Tranche A with a maturity period of three years and a final maturity date of July 5, 2021 and a $210 million AUD Tranche B with a maturity period of five years and a final maturity date of July 4, 2023. The loan carried an interest rate based on BBSY Bid plus a margin based on a net leverage ratio of carsales.com Ltd. The loan was under a Common Terms Deed (CTD) documentation structure; under this structure, each of the six lenders entered into a bilateral facility agreement with the borrower. The proceeds of this loan were used by the borrower to repay and cancel its existing $511 million AUD syndicated revolving loan facilities. carsales Holding Pty Ltd, carsales Finance Pty Ltd, Auto Exchange Holdings Pty Ltd, Automotive Data Services Pty Ltd, carsales.com Investments Pty Ltd, Discount Vehicles Australia Pty Ltd, Equipment Research Group Pty Ltd, Webpointclassified Pty Ltd, carsales Latam Pty Ltd, carsales Foundation Pty Ltd, carsales Argentina Pty Ltd, Automotive Exchange Pty Ltd, AS1 Holdings Pty Ltd, all wholly-owned entities of carsales.com Ltd, were subject to a deed of cross guarantee with carsales Ltd. in which each entity guaranteed the debt of others, including this $545 million AUD loan. Record ID#97496 captures BOC's contribution. In addition to BOC, the loan syndicate consisted of the following lenders: National Australia Bank Limited (NAB), Australia and New Zealand Banking Group Limited (ANZ), Hongkong and Shanghai Banking Corporation (HSBC), Westpac Banking Corporation, and MUFG Bank, Ltd.. As of June 30, 2019, a total of $475,000,000 AUD had been drawn down under this loan; the entire $335,000,000 AUD limit under Tranche A had been drawn down and $140,000,000 AUD had been drawn under the $210,000,000 AUD limit of Tranche B. As of June 30, 2020, a total of $545,000,000 AUD had been drawn down under this loan, with each Tranche A and B fully drawn down. Then, on July 5, 2020, a syndicate of seven banks — including BOC — entered into a $440.0 million AUD syndicated revolving debt facility agreement with carsales.com Ltd for the carsales.com Ltd 2020 Refinancing Project. The proceeds of this loan were used for refinancing by the borrower. Tranche A was up-sized by $105.0 million AUD to $440.0 million AUD and the maturity date was extended to July 4, 2024 (a maturity period extension of three years; a new maturity period of six years); the interest rate, based on BBSY Bid plus a margin based on a net leverage ratio of carsales.com Ltd, remained the same. This loan increased carsales.com Ltd's syndicated debt facility to a total $650.0 million AUD. Tranche B was unchanged as part of this refinancing. Additionally, the Commonwealth Bank of Australia (CBA) joined the banking syndicate; all existing lenders contributed as well. Record ID#97497 captures BOC's contribution. carsales Holding Pty Ltd, carsales Finance Pty Ltd, Auto Exchange Holdings Pty Ltd, Automotive Data Services Pty Ltd, carsales.com Investments Pty Ltd, Discount Vehicles Australia Pty Ltd, Equipment Research Group Pty Ltd, Webpointclassified Pty Ltd, carsales Latam Pty Ltd, carsales Foundation Pty Ltd, carsales Argentina Pty Ltd, Automotive Exchange Pty Ltd, AS1 Holdings Pty Ltd, Tyresales Pty Ltd, and Appraisal Solutions Pty Ltd, all wholly-owned entities of carsales.com Ltd, were subject to a deed of cross guarantee with carsales Ltd. in which each entity guaranteed the debt of others, including this $440 million AUD loan. As of December 31, 2020, $465,000,000 AUD had been drawn down under the $650,000,000 AUD facility; $255,000,000 AUD of the $440,000,000 AUD Tranche A had been drawn down and the entire $210,000,000 AUD limit had been drawn down under Tranche B. In fiscal year 2021, a syndicate of seven banks — including BOC — entered into a $690.0 million AUD syndicated revolving debt facility agreement with carsales.com Ltd for the carsales.com Ltd 2021 Refinancing Project. The proceeds of this loan were used for refinancing by the borrower. Tranche A was up-sized by $250.0 million AUD to $690.0 million AUD and the maturity date was extended to July 5, 2024 (a maturity period extension of one day; a maturity period of six years); the interest rate, based on BBSY Bid plus a margin based on a net leverage ratio of carsales.com Ltd, remained the same. This loan increased carsales.com Ltd's syndicated debt facility to a total $900.0 million AUD. Tranche B was unchanged as part of this refinancing. The seven same lenders as the 2020 refinancing all participated in this loan. Record ID#97498 captures BOC's contribution. carsales Holding Pty Ltd, carsales Finance Pty Ltd, Auto Exchange Holdings Pty Ltd, Automotive Data Services Pty Ltd, carsales.com Investments Pty Ltd, Discount Vehicles Australia Pty Ltd, Equipment Research Group Pty Ltd, Webpointclassified Pty Ltd, carsales Latam Pty Ltd, carsales Foundation Pty Ltd, carsales Argentina Pty Ltd, Automotive Exchange Pty Ltd, AS1 Holdings Pty Ltd, Tyresales Pty Ltd, and Appraisal Solutions Pty Ltd, all wholly-owned entities of carsales.com Ltd, were subject to a deed of cross guarantee with carsales Ltd. in which each entity guaranteed the debt of others, including this $690 million AUD loan. As of June 30, 2021, $45,000,000 had been drawn down under the $900,000,000 AUD facility; none of $690,000,000 AUD Tranche A had been drawn down, but $45,000,000 AUD had been drawn down under $210,000,000 AUD Tranche B. As of December 31, 2021, $645,000,000 AUD had been drawn down under the $900,000,000 AUD facility; $435,000,000 AUD had been drawn down from $690,000,000 AUD Tranche A and the entire $210,000,000 AUD limit had been drawn down from Tranche B. As of June 30, 2022, $651,000,000 AUD had been drawn down under the $900,000,000 AUD loan; $441,000,000 AUD had been drawn down under the $690,000,000 AUD under Tranche A and the entire $210,000,000 AUD limit of Tranche B had been drawn down. Then, on July 8, 2022, the $651.0 million AUD drawn down amount was fully repaid by the borrower. Then, in July 2022, a syndicate of 10 banks — including BOC — entered into a $1.60 billion AUD syndicated revolving loan facility agreement with carsales.com Ltd. This loan was divided into three tranches: a $335,000,000 AUD Tranche A with a maturity period of 1.75 years and a maturity date of March 14, 2024; a $850,000,000 AUD Tranche B (itself including a United States dollar denominated debt of $365.0 million USD, with the remainder in Australian dollar) with a maturity period of 3.25 years and a final maturity date of September 14, 2025, and a $415,000,000 AUD Tranche C with a maturity period of 5.25 years and a final maturity date of September 14, 2027. The loan carried an interest rate of BBSY Bid plus a margin based on the net leverage ratio of carsales.com Ltd. This loan as conducted under a Common Terms Deed (CTD) documentation structure under which each of the lenders entered into a bilateral facility agreement with the borrower. The proceeds of this loan were used to refinance and up-size the $900 million AUD syndicated loan, fully repaying the $651.0 million AUD drawn down on July 8, 2022. Record ID#97501 captures BOC's contribution. In addition to BOC, the following banks contributed to the loan syndicate: NAB, ANZ, HSBC, Westpac, CBA, MUFG, Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, and BNP Paribas S.A.. carsales Holding Pty Ltd, carsales North America Holdings Pty Ltd (formerly carsales Finance Pty Ltd), Auto Exchange Holdings Pty Ltd, Automotive Data Services Pty Ltd, carsales.com Investments Pty Ltd, Discount Vehicles Australia Pty Ltd, Equipment Research Group Pty Ltd, Webpointclassified Pty Ltd, carsales Latam Pty Ltd, carsales Foundation Pty Ltd, carsales Argentina Pty Ltd, Automotive Exchange Pty Ltd, AS1 Holdings Pty Ltd, Tyresales Pty Ltd, Appraisal Solutions Pty Ltd, carsales Tyre Holding Pty Ltd, Transport Ventures Pty Ltd, Tyreconnect Pty Ltd, Programmatic Holdings Pty Ltd, and CS Motion Holdings Pty Ltd, all wholly-owned entities of carsales.com Ltd, were subject to a deed of cross guarantee with carsales Ltd. in which each entity guaranteed the debt of others, including this $1.6 billion AUD loan As of December 31, 2022, $1,236,882,000 AUD had been drawn down under the $1,600,000,000 AUD loan; the entire $335,000,000 AUD limit under Tranche A had been drawn down, $791,882,000 AUD had been drawn down under $850,000,000 AUD Tranche B, and $110,000,000 AUD had been drawn down under $415,000,000 AUD Tranche C.
Staff comments
1. The individual contribution of the six lenders to this $545 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 ($90,833,333.3333 AUD) to the syndicated loan. 2. It is unclear if BOC contributed to each tranche. For the time being, AidData has assumed it contributed to both. To code the maturity period, it took average maturity period [(3 + 5) / 2 = 4] of both tranches and coding it as the maturity period of this record.