Bank of China contributes $17.14 million NZD to the $200 million NZD revolver tranche of a $350 million NZD syndicated loan for the Wellington Electricity Distribution Network 2015 Refinancing Project

Project narrative

On May 11, 2015, a syndicate of five banks — including the Bank of China (BOC) — entered into a $350.00 million NZD ($256.97 million USD) syndicated loan agreement with Wellington Electricity Lines Limited — a New Zealand-incorporated company that serves as Wellington electricity distributor that was jointly owned by Cheung Kong Infrastructure Holdings Limited (50% equity stake) and Power Assets Holdings Limited (50% equity stake), both of the Cheung Kong group of companies — for the Wellington Electricity Distribution Network 2015 Refinancing Project. This loan was divided into two tranches: a $200.00 million NZD ($146.84 million USD) revolver tranche with a maturity period of two years and four months (2.333 years) and a final maturity date of September 16, 2017 and a $150.00 million NZD ($110.13 million USD) term loan tranche with a maturity period of four years and four mouths (4.333 years) and a final maturity date of September 15, 2019. The proceeds of this loan were to be used by the borrower to refinance its existing debts. BOC contributed $17.14 million NZD ($12.58 million USD) to the $200.00 million NZD revolver tranche. Record ID#98750 captures this contribution. In addition to BOC, the following lenders contributed the respective amounts to the tranche: Commonwealth Bank of Australia (CBA) ($85.71 million NZD; $62.93 million USD), Westpac Banking Corporation ($54.29 million NZD; $39.86 million USD), Australia and New Zealand Banking Group (ANZ) ($28.57 million NZD; $20.98 million USD), and Sumitomo Mitsui Trust Bank Limited (SMTB) ($14.29 million NZD; $10.49 million USD). BOC contributed $12.86 million NZD ($9.44 million USD) to the $150.00 million NZD term loan tranche. Record ID#98751 captures this contribution. In addition to BOC, the following lenders contributed the respective amounts to the tranche: CBA ($64.29 million NZD; $47.20 million USD), Westpac ($40.71 million NZD; $29.89 million USD), ANZ ($21.43 million NZD; $15.73 million USD), and SMTB ($10.71 million NZD; $7.86 million USD). BOC contributed a total of $30 million NZD. CBA contributed a total of $150 million NZD. ANZ contributed a total of $50 million NZD. Westpac contributed a total of $95 million NZD. SMTB contributed a total of $25 million NZD. CBA served as mandated lead arranger.