Narrative
Full Description
Project narrative
On June 28, 2019, a group of five banks -- including China Construction Bank New Zealand -- reached financial close on a NZD 330 million multi-tranche lending facility with Delegat Group, a New Zealand-based winemaker, to refinance the company's syndicated Senior Debt Facilities. The facility has a three year maturity across all four tranches and is securitized with the existing and future assets of Delegat Group Limited, Delegat Limited, Delegat Australia Pty Limited and Barossa Valley Estate Pty Limited. Interest on the facilities is based on an unknown margin plus an unknown BKBM/BBSY rate. The facility consists of the following tranches: 1. An NZD 48 million working capital facility. 2. An approximately NZD 220 million multi-currency term facility. This tranche is denominated in both NZD and AUD, though the distribution of the two currencies is unknown. 3. An AUD 40 million term facility. 4. An NZD 20 million headroom facility. The three tranches denominated (or given an approximate value) in NZD are captured via Record ID#99898. The AUD 40 million term facility is captured via Record ID#99899. Other members of the syndicate are Westpac New Zealand Ltd., Westpac Banking Corporation, Bank of New Zealand Ltd. (BNZ), and Hong Kong and Shanghai Banking Corporation Ltd. (HSBC).
Staff comments
1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed. 2. As it is unknown whether each bank contributed to every tranche, a unified project record has been created. Keeping with AidData's methodology to avoid placing multiple currencies under one project, a separate project has been created for the AUD-denominated tranche. 3. Given a lack of a breakdown on the multi-currency tranche, AidData is using the NZD-approximate number provided in the sources. 4. The overall syndicated amount has been captured as 288,000,000 NZD in keeping with the record structure.