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Overview

ICBC contributes to NZD 600 million syndicated loan facilities to Stride Property Limited for debt refinancing (linked to Record ID#99804)

Commitments (Constant USD, 2023)$65,400,116
Commitment Year•2021Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2021
Last repayment (originally scheduled)
Aug 12, 2025

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 (ICBC)

Cofinancing agencies

Private Sector

  • ANZ Bank New Zealand Limited
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Westpac New Zealand Limited (WNZL)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • Stride Property Limited

Loan description

2021 syndicated NZD 600 million loan facilities from CCB and ICBC for debt refinancing

Interest type•UnknownMaturity•3.7 years

Collateral

The facilities are securitized through a security agent which holds a first registered mortgage on all the investment properties directly owned by Stride.

Narrative

Full Description

Project narrative

In December 2021, a group of six banks -- including China Construction Bank and ICBC -- signed an agreement to refinance syndicated loan facilities to Stride Property Limited (SPL), increasing the Stride's bank debt commitments by NZD 145.1 million to a total of NZD 600 million. The refinancing places the average tenor of the debt at 3.7 years, with unspecified tranches and individual commitments. NZD 400 million of the facilities are classified as green facilities in accordance with the company's Green Finance Framework. ANZ Bank, China Construction Bank, ICBC, MUFG Bank Limited, HSBC, and Westpac served as members of the syndicate. The facilities are securitized through a security agent which holds a first registered mortgage on all the investment properties directly owned by Stride. CCB's contribution is captured via Record ID#99804. ICBC's contribution is captured via Record ID#99805.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facilities by each member of the syndicate, therefore equal contributions from each of the six lenders have been assumed. 2. Given that the two Chinese banks seem to have not contributed to SPL's previous bank debt facilities, the NZD 600 million figure has been used in the calculation of the transaction amount.