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Overview

China Construction Bank contributes €56.59 million EUR to a €1.245 billion EUR revolver tranche of a €3 billion EUR credit facility for Axpo Holding for general corporate purposes (Linked to Record ID#101151)

Commitments (Constant USD, 2023)$56,287,341
Commitment Year•2022Country of Activity•SwitzerlandDirect Recipient Country of Incorporation•SwitzerlandSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2022
Last repayment (originally scheduled)
Nov 1, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • Banca Popolare Di Milano (Banco BPM) S.p.A
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • BNP Paribas S.A.
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Credit Suisse AG
  • Deutsche Bank AG
  • DZ Bank AG
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Raiffeisen Bank International AG
  • Skandinaviska Enskilda Banken AB (SEB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • UBS Group AG
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

  • Banque Cantonale de Genève (BCGE)
  • Bayerische Landesbank (BayernLB)

Receiving agencies

State-owned companies

  • Axpo Holding AG

Loan description

2022 syndicated €3 billion EUR credit facility from China Construction Bank and others to Axpo Holding for general corporate purposes in Switzerland

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On or around October 11, 2022, a syndicate of 22 banks — including China Construction Bank Corporation (CCB) — entered into a €2.3 billion EUR syndicated credit facility agreement with Axpo Holding AG — a Baden, Switzerland-headquartered energy company wholly owned by the various cantons and cantonal utilities of northeastern Switzerland — for general corporate purposes. Then, on or around October 24, 2022, the lenders up-sized the credit facility to €3.0 billion EUR, with financial close on November 1, 2022. This unsecured committed credit line loan carried a maturity period of one year with a one-year extension at the unilateral discretion of Axpo. This credit facility was divided into two tranches: a €1.755 billion EUR ($1.73839 billion USD) loan tranche and a €1.245 billion EUR ($1.23322 billion USD) revolver tranche. The proceeds of this facility were to be used by the borrower for general corporate purposes, including for bank guarantees. Each lender, including CCB, contributed €79.77 million EUR ($79.02 million USD) to the €1.755 billion EUR loan tranche and €56.59 million EUR ($56.06 million USD) to the €1.245 billion EUR revolver tranche. Record ID#101151 captures CCB's contribution to the €1.755 billion EUR loan tranche. Record ID#101152 captures CCB's contribution to the €1.245 billion EUR revolver tranche. In addition to CCB, the following lenders contributed to the loan syndicate: ABN AMRO Bank N.V., Banco BPM S.p.A., Banque Cantonale de Genève (BCGE), Bayerische Landesbank (BayernLB), BNP Paribas S.A., CaixaBank S.A., Commerzbank AG, Crédit Agricole Group, Credit Suisse AG, Deutsche Bank, DZ Bank AG, ING Bank N.V., Intesa Sanpaolo S.p.A., Coöperatieve Rabobank U.A., Raiffeisen Bank International, Banco Santander S.A., Skandinaviska Enskilda Banken AB (SEB), Sumitomo Mitsui Banking Corporation (SMBC), UBS AG, and UniCredit S.p.A..

Staff comments

1. As it is unclear whether CCB was involved in the original loan or the only joined during the up-sizing (if the up-sizing included further banks), AidData has coded financial close of November 1, 2022 after the up-sizing as the commitment date.