Bank of China (Sydney Branch) contributes to a $600 million AUD syndicated loan to Colonial First State Investments for refinancing purposes

Project narrative

In December 2019, financial close was reached on a deal in which a syndicate of 10 lenders — including the Sydney and Macau Branches of the Bank of China (BOC) and China Construction Bank Corporation (CCB) — entered into a $600 million AUD ($410 million USD) revolving credit facility (RCF) agreement with Colonial First State Investments Limited (CSIL) — an Australian wealth management company and subsidiary of Commonwealth Bank of Australia (CBA), acting in its capacity as responsible entity for Colonial First State Wholesale Geared Share Fund (now known as First Sentier Wholesale Geared Share Fund) — for refinancing purposes. This loan carried a maturity period of three years and carried an interest rate of BBSY plus a margin of 105 basis points (bps). The proceeds were to be used to refinance a $500 million AUD three-year RCF agreement signed in April 2017. Records ID #99574 and #109967 capture BOC Sydney Branch and BOC Macau Branch's contributions. Record ID #99575 captures CCB's contribution. In addition to the Chinese state-owned banks, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), CBA, Sumitomo Mitsui Banking Corporation (SMBC), Mega International Commercial Bank, MUFG, Ltd., Citigroup, and Taishin International Bank. ANZ and CBA served as mandated lead arrangers and bookrunners; the other lenders joined in syndication.