Ontario Teachers, Hastings Funds Management refinance USD 1.54 billion loan

By IVCPOST Staff Reporter

Sep 16, 2013 11:41 AM EDT

Data compiled by Bloomberg showed that Ontario Teachers' Pension Plan and Hastings Funds Management refinanced a loan facility worth AUD 1.646 billion or USD 1.54 billion. The refinancing was done through SDP Finco Pty, the borrowing vehicle owned by the two companies. The data further revealed that the refinancing was divided in four tranches. The loans would mature in two, three and five years.

Ten banks refinanced the loan. These include Australia & New Zealand Banking Group Ltd. (ANZ), Bank of Tokyo-Mitsubishi UFJ Ltd., Commonwealth Bank of Australia (CBA), Export Development Canada, HSBC Holdings Plc, Morgan Stanley, National Australia Bank Ltd., Royal Bank of Canada, Sumitomo Mitsui Banking Corp. and Westpac Banking Corp.,

The loan was used to acquire a 50-year lease of a desalination plant in Sydney. The facility was bought last year for AUD 2.3 billion but had been closed since July 2012. Half of the Sydney Desalination Plant was owned by Ontario Teachers. Two funds managed by Westpac Banking Corp's Hastings own the remaining 50% stake.

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