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Overview

Bank of China contributes to $2 billion AUD syndicated loan to Ramsay Health Care for unspecified purposes

Commitments (Constant USD, 2023)$86,783,709
Commitment Year•2011Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•HealthFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 25, 2011
Last repayment (originally scheduled)
Mar 24, 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% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of Nova Scotia (Scotiabank)
  • Bank of Scotland
  • BNP Paribas S.A.
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • HSBC Bank PLC
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

Receiving agencies

Private Sector

  • Ramsay Health Care Limited

Loan description

Bank of China contributions to $2 billion AUD syndicated loan to Ramsay Health Care for unspecified purposes

Interest type•UnknownMaturity•4.333 years

Narrative

Full Description

Project narrative

On November 25, 2011, a syndicate of 11 banks — including the Bank of China (BOC) — signed a $2 billion AUD ($1.99 billion USD) loan facilities agreement with Ramsay Health Care Limited — an Australian multinational healthcare provider and hospital network, Australia's largest operator of private hospitals — for unspecified purposes. This loan was divided into a $1.2 billion AUD tranche, a £260 million GBP ($404 million USD) tranche, and a €300 million EUR ($401 million USD) tranche; each tranche was sub-divided, with one-third of each carrying a maturity period of three years and the other two-thirds carrying a maturity period of five years. BOC contributed $74 million AUD as a senior manager to the loan syndicate. In addition to BOC, the following lenders contributed the respective amounts in the following roles to the loan syndicate: Australia and New Zealand Banking Group (ANZ) ($330 million AUD) as a mandated lead arranger and bookrunner, National Australia Bank Limited (NAB) ($330 million AUD) as a mandated lead arranger and bookrunner, Westpac Banking Corporation ($330 million AUD) as a mandated lead arranger and bookrunner, Bank of Scotland Plc ($176 million AUD) as a mandated lead arranger, Commonwealth Bank of Australia (CBA) ($265 million AUD) as a mandated lead arranger, HSBC Holdings Plc ($177 million AUD) as a mandated lead arranger), Mizuho Corporate Bank Ltd. (MHCB) ($88 million AUD) as co-arranger, the Bank of Nova Scotia (Scotiabank) ($66 million AUD) as a senior manager, Sumitomo Mitsui Banking Corporation (SMBC) ($123 million AUD) as lead arranger, and BNP Paribas S.A. ($48 million AUD) as a manager. According to a November 11, 2011 regulatory filing, Ramsay Health Care intended to draw down the debt on May 1, 2012.

Staff comments

1. While BOC's individual contribution is known, the breakdown of this contribution to the AUD, USD, and EUR tranches and their three-year and four-year portions are unknown. For the time being, AidData treats BOC as having contributed to all tranches, and has taken the average of the maturities [(3 + 5 + 5) / 3] = 4.333, based on the fact that for all tranches the one-third of the proceeds was three-year debt and two-thirds was five-year debt, and coded it as the maturity period of this record.