Bank of China provides RMB 250 million term loan to Zhejiang Rifa Holding Group Co. Ltd. to finance the acquisition of Airwork Holdings Ltd. (Linked to Record ID#99806)

Project narrative

In March 2017, China CITIC Bank and Bank of China signed agreements with RIFA Jair Company Limited -- a New Zealand-incorporated special purpose vehicle and subsidiary of Zhejiang RIFA Holdings Group Company (a large private joint-stock conglomerate in China that manufactures and distributes industrial machinery equipment) -- to provide financing for the company's acquisition of Airwork Holdings Ltd., a New Zealand-based company focusing on fixed wing maintenance, leasing, and operations of private and public aviation entities (including helicopters and fixed-wing aircraft). China CITIC Bank provided a RMB 600 million term loan and Bank of China provided a RMB 250 million term loan. The proceeds were to be used to finance the acquisition of 75% of ordinary shares in Airwork Holdings Ltd., a publicly-listed company in New Zealand. The maturity date for the two loans was in February 2022. The loans were securitized by the borrower through 18,000,000 shares of Zhejiang Rifa Holdings Group Company. The acquisition was formally completed on March 17, 2017. China CITIC Bank's loan is captured via Record ID#99806. BOC's loan is captured via Record ID#99807.