Australia

Six (6) Financial Institutions currently invest or make available an estimated USD$ 2,873.74 million in nuclear weapons companies.

 

References 

AMP

AMP currently has an estimated USD$ 159.29 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 1 provides an overview of the nuclear weapon companies in which AMP owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of AMP

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 2.94 159.29 10-Sep-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

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ANZ Banking Group (Australia)

ANZ Banking Group currently has an estimated USD$ 1,487.60 million invested or available for the nuclear weapons producers identified in this report.

Loans

In March 2010, Babcock International secured a £ 400 million (US$ 601 million) bridge loan due October 2011. The company also entered into a £ 600 million (US$ 902 million) backstop facility which was comprised of a £ 305 million (US$ 459 million) revolver due June 2012 and a £ 295 million (US$ 443 million) term loan due March 2011. The proceeds of the facilities were used to back the company’s £ 1.3 billion (US$ 2.0 billion) bid for VT Group, a British defence and services company. The acquisition was completed in June 2010. ANZ Banking participated in the six bank syndicate, committing an estimated US$ 225 million.1

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. ANZ Banking was one of seven bookrunners in the syndicate of ten banks, providing an estimated US$ 81 million.2)

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. ANZ Banking was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.3

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. ANZ Banking was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.4

In December 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. ANZ Banking participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.5

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. ANZ Banking participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.6

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. ANZ Banking participatedin the syndicate of ten banks, providing an estimated amount of US$ 150 million.7

In November 2012, Fluor secured a US$ 1,800 million revolving credit facility due November 2017 at a base rate of LIBOR+100.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. ANZ Banking participated in the eight bank syndicate, committing an estimated amount of US$ 180 million.8

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. ANZ Banking participated in the 21 bank syndicate, committing an estimated amount of US$ 37.5 million.9

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. ANZ Banking participated in the 22 bank syndicate, committing an estimated amount of US$ 78.1 million.10

In June 2013, General Dynamics entered into a US$ 1,000 million revolving credit facility due June 2018 at a base rate of LIBOR+87.500bps. The proceeds were used for refinancing. ANZ Banking participated in the seven bank syndicate, committing an estimated amount of US$ 142.9 million.11

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. ANZ Banking participated in the 21 bank syndicate, committing anamount of US$ 55 million.12

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. ANZ Banking participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.13

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. ANZ Banking participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.14

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. ANZ Banking participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.15

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. ANZ Banking was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.16

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. ANZ Banking participated in the 20 bank syndicate, committing an estimated amount of US$ 87.9 million.17

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. ANZ Banking participatedin the syndicate of 31 banks, underwriting anamount of US$ 7.5 million.18

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. ANZ Securities, a subsidiary of ANZ Banking, participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.19

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. ANZ Securities, a subsidiary of ANZ Banking, participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.20

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million1.375% tranche due January 2015, a US$ 500 million2.250% tranche due July 2016 and a US$ 500 million3.875% tranche due July 2021. The proceeds were used for general corporate purposes. ANZ Securities, a subsidiary of ANZ Banking, participated in the 21 bank syndicate,underwriting anamount of US$ 30 million.21

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million2.250% tranche due November 2022, a US$ 900 million1.000% tranche due November 2017 and a US$ 500 million3.600% tranche due November 2042. The proceeds were used to reduce indebtedness and general corporate purposes. ANZ Securities, a subsidiary of ANZ Banking, participated in the 18 bank syndicate,underwriting anamount of US$ 72 million.22

In September 2011, Lockheed Martin issued bonds with a total value of US$ 2,000 million. The issue was split in three tranches: a US$ 500 million 2.125% tranche due September 2016, a US$ 900 million 3.350% tranche due September 2021 and a US$ 600 million 4.850% tranche due September 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. ANZ Banking participated in the 15 bank syndicate,underwriting anamount of US$ 10 million.23

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. ANZ Securities, a subsidiary of ANZ Banking, participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.24

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Commonwealth Bank of Australia

Commonwealth Bank of Australia currently has an estimated USD$ 362.20 million invested or available for the nuclear weapons producers identified in this report.

Loans

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Commonwealth Bank of Australia was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.25

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Commonwealth Bank of Australia participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.26

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Commonwealth Bank of Australia participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.27

In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. Commonwealth Bank of Australia was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.28

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Macquarie

Macquarie currently has an estimated USD$ 308.73 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 2 provides an overview of the nuclear weapon companies in which Macquarie owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 2         Shareholdings of Macquarie

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Northrop Grumman United States 1.70 280.32 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Table 3 provides an overview of the nuclear weapon companies in which Macquarie owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 3         Bondholdings of Macquarie Group

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
URS United States 2.44 28.41 31-Mar-13 until 31-May-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

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Platinum Investment Management

Platinum Investment Management currently has an estimated USD$ 225.92 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 4 provides an overview of the nuclear weapon companies in which Platinum Investment Management owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 4         Shareholdings of Platinum Investment Management

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Jacobs Engineering United States 3.07 225.92 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

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Westpac Banking

Westpac Banking currently has an estimated USD$ 330.00 million invested or available for the nuclear weapons producers identified in this report.

Loans

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Westpac Banking was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.29

In December 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Westpac Banking participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.30

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Westpac Banking participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.31

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Westpac Banking participated in the 29 bank syndicate, committing anamount of US$ 50 million.32

In October 2011, URS entered into a US$ 1,700 million credit facility at a base rate of LIBOR+150.000bps due October 2016. The facility was split in two tranches: a US$ 1,000 million revolving credit facility and a US$ 700 million term loan. The proceeds were used for refinancing bank debt and general corporate purposes. Westpac Banking participatedin the syndicate of 16 banks, providing an estimated amount of US$ 85 million.33

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References


  1. Thomson ONE Banker, “Tearsheet 2572235115 and 2572235115”, Thomson ONE Banker (www.thomsonone.com), 29 March 2010; Bloomberg Database, “ Loan Finder”, Bloomberg Database, viewed July 2013; Espana, Z., “ Babcock Intl secures loan for agreed VT offer”, Website Reuters, 23 March 2010 (www.reuters.com/article/2010/03/23/us-babcock-intl-loan-idUSTRE62M3ZQ20100323); Babcock International, “Completion of Acquisition”, Babcock International, 8 July 2010 (www.babcock.co.uk/media/188630/completion_of_acquisition.pdf). 

  2. Thomson ONE Banker, ”Tearsheet 2754346115”, Thomson ONE Banker (www.thomsonone.com), 17 June 2011; Babcock International, “Annual Report 2013”, Babcock International, 5 June 2013; Babcock International, “Interim Management Statement”, Babcock International, 7 July 2011 (www.babcock.co.uk/media/53009/interim_management_statement_press_release.pdf 

  3. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  4. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  5. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 05 December 2011. 

  6. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  7. Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker (www.thomsonone.com), 14 December 2010. 

  8. Thomson ONE Banker, “Tearsheet 2910503116”, Thomson ONE Banker (www.thomsonone.com), 09 November 2012. 

  9. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  10. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  11. Thomson ONE Banker, “Tearsheet 2988333116”, Thomson ONE Banker (www.thomsonone.com), 21 June 2013. 

  12. Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011. 

  13. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. 

  14. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. 

  15. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  16. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. 

  17. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  18. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  19. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  20. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  21. General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  22. Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker (www.thomsonone.com), 01 November 2012. 

  23. Lockheed Martin, “Prospectus supplement: $500,000,000 2.125% Notes Due 2016, $900,000,000 3.350% Notes Due 2021, $600,000,000 4.850% Notes Due 2041”, Lockheed Martin, 6 September 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=1&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheets 2342467001, 2342508001 and 2342509001”, Thomson ONE Banker (www.thomsonone.com), 6 September 2011. 

  24. Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker (www.thomsonone.com), 28 May 2013. 

  25. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  26. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  27. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  28. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. 

  29. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  30. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 10 December 2011. 

  31. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  32. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  33. Thomson ONE Banker, “Tearsheet 2784451116 and 2784452116”, Thomson ONE Banker (www.thomsonone.com), 19 October 2011. 

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).