Bank of China contributes to USD 195 million multi-tranche, multi-currency syndicated lending facility to Airwork Holdings for debt refinancing and working capital purposes (linked to Record ID#99902)

Project narrative

On August 1, 2017, a group of 4 banks -- including ICBC and Bank of China -- reached financial close on a USD 195 million multi-tranche, multi-currency lending facility to Airwork Holdings, a New Zealand-based aviation services company. The two other members of the syndicate are Commonwealth Bank of Australia ("CommBank") and Bank of New Zealand ("BNZ"), with CommBank serving as syndicate lead and security trustee. This facility refinances Airwork's unknown previous debt facilities and is in line with Airwork's long-term financing strategy, providing multi-currency cash advances, overdraft and bank guarantees, and amortizing facilities, with varied terms up to four years. Interest rates and other lending terms are unknown. The facility is comprised of four tranches: 1. A multi-currency, multi-option facility of up to NZD 30 million that includes cash advance, bond issuance, and overdraft facilities, carrying a three year maturity. 2. A multi-currency facility of USD 10 million, carrying a two year maturity. 3. A multi-currency facility of USD 45 million, carrying a three year maturity. 4. A loan facility of USD 10 million to fund capital expenditures, carrying a two year maturity. 5. An amortizing facility of USD 110 million to fund expenditures on fixed wing fraighter aircraft, carrying a four year maturity. ICBC's contribution is captured via Record ID#99902. Bank of China's contribution is captured via Record ID#99903.