Narrative
Full Description
Project narrative
On December 8, 2022, financial close was reached on a deal in which a syndicate of 11 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a £710.00 million GBP ($865.17 million USD) syndicated loan agreement with PD Ports Limited — a Middlesbrough, England-headquartered port, harbor shipping, and logistics company wholly owned by Canada's Brookfield Asset Management — for refinancing purposes. This loan was divided into three tranches: a £20.00 million GBP ($24.37 million USD) revolver tranche with a maturity period of five years and a final maturity date of December 27, 2027; a £150.00 million GBP ($182.78 million USD) capex facility with a maturity period of five years and a final maturity date of December 27, 2027; and a £540.00 million GBP ($658.02 million USD) term loan tranche with a maturity period of five years and a final maturity date of December 27, 2027. The proceeds of this loan were to be used by the borrower for refinancing purposes. In addition to ICBC, the following lenders contributed to the loan syndicate: ABN AMRO Bank N.V., Allied Irish Banks (AIB), Canadian Imperial Bank of Commerce (CIBC), Crédit Agricole Group, DNB ASA, Lloyds Bank, National Australia Bank Limited (NAB), National Westminster Bank Plc (NatWest), Royal Bank of Canada (RBC), and the Bank of Nova Scotia (Scotiabank). Each lender, including ICBC, contributed £1.82 million GBP ($2.22 million USD) to the £20 million GBP revolver tranche; ICBC's contribution is captured by Record ID#101115. Each lender, including ICBC, contributed £13.64 million GBP ($16.62 million USD) to the £150 million GBP capex facility tranche; ICBC's contribution is captured by Record ID#101116. Each lender, including ICBC, contributed £49.09 million GBP ($59.82 million USD) to the £540 million GBP term loan tranche; ICBC's contribution is captured by Record ID#101117.