Skip to content
AidData logo

Overview

ICBC NZ contributes $30 million NZD to a $100 million NZD syndicated loan for The Base for unspecified purposes (Linked to Record ID#98988)

Commitments (Constant USD, 2023)$20,098,711
Commitment Year•2020Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2020
Last repayment (originally scheduled)
May 28, 2021

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% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (New Zealand) Limited (ICBC New Zealand) (ICBC NZ)

Cofinancing agencies

Private Sector

  • Bank of New Zealand (BNZ)
  • Westpac New Zealand Limited (WNZL)

Receiving agencies

Private Sector

  • The Base Limited

Collateral providers

Private Sector

  • The Base Limited

Loan description

2020 ICBC NZ contributes to a $100 million NZD syndicated loan for The Base for unspecified purposes

Interest type•UnknownMaturity•1 years

Collateral

This loan was secured by an equal proportion charge in favor of the lenders over the present and future acquired assets of The Base Limited.

Narrative

Full Description

Project narrative

In May 2020, a syndicate of three banks — the Industrial and Commercial Bank of China (New Zealand) Limited (ICBC NZ), Westpac New Zealand Limited (WNZL), and the Bank of New Zealand (BNZ) — entered into a $100.0 million NZD syndicated loan agreement with The Base Limited — a property company and wholly-owned subsidiary of Waikato Raupatu Lands Trust — for unspecified purposes. This loan carried a maturity period of one year, with the ICBC NZ contribution maturing on May 28, 2021 and the WNZL and BNZ maturing on May 31, 2021. ICBC NZ contributed $30.0 million NZD as a term facility, WNZL contributed $35.0 million NZD, as a multi-option credit line facility, and BNZ contributed $35.0 million NZD as a committed cash advance facility. This loan was secured by (i.e. collateralized against) an equal proportion charge in favor of the lenders over the present and future acquired assets of The Base Limited. As of March 31, 2021, $100.0 million NZD had been drawn down under the facility. On November 5, 2021, a syndicate of three banks — the Industrial and Commercial Bank of China (New Zealand) Limited (ICBC NZ), Westpac New Zealand Limited (WNZL), and the Bank of New Zealand (BNZ) — entered into a $450 million NZD syndicated facility agreement with TGH Property Limited — a property company and wholly-owned subsidiary of Waikato Raupatu Lands Trust — for refinancing purposes. ICBC NZ contributed $80.0 million NZD, as captured by Record ID#98988. The proceeds of this facility were to be used by the borrower to refinance previous debt facilities, including the $100.0 million NZD facility for The Base Limited. The proceeds were also used by the borrower for the construction of the Ruakura Superhub Project, a multi-use development in Waikato, North Island.

Staff comments

1. The Waikato Raupatu Lands Trust was established to receive cultural, commercial, and other redress assets for the Te Whakakitenga o Waikato, the tribal parliament and authority of Waikato iwi (Māori nation/people), under the 1995 Raupatu Lands settlement for grievances under the Treaty of Waitangi which amounted to $170 million NZD. The beneficiaries of the Lands Trust are members of Waikato iwi and the purpose of the trust is to promote the educational, spiritual, economic, social, and cultural advancement of Waikato iwi and its various hapu (clans).