Narrative
Full Description
Project narrative
On December 14, 2023, financial close was reached on a deal in which a syndicate of 13 banks — including the Bank of China (BOC) — entered into a €2.16473 billion EUR ($2.35944 billion USD) syndicated loan agreement with Ventient Energy Limited — a pan-European renewable energy developer based in London, England with its parent company being Luxembourg-incorporated Ventient Energy Sarl, which is wholly owned by IIF International Holding LP, a Cayman Islands-exempted limited partnership advised by JP Morgan Investment Management and wholly owned by institutional investors (no ultimate controlling party) — for the Ventient Energy 2023 Refinancing Project. This loan was divided into five tranches: a €500.00 million EUR ($544.97 million USD) revolving credit facility (RCF) tranche with a maturity period of seven years; a €260.88 million EUR ($284.34 million USD) term loan B1 tranche with a maturity period of seven years and a final maturity date of December 14, 2030; a €318.85 million EUR ($347.53 million USD) term loan B2 tranche with a maturity period of 13 years; a €560.00 million EUR ($610.37 million USD) term loan A1 tranche with a maturity period of seven years and a final maturity date of December 14, 2030; and a a €525.00 million EUR ($572.22 million USD) term loan A2 tranche with a maturity period of 15 years and a final maturity date of December 14, 2038. The proceeds were to be used by the borrower to refinance its wind business, refinancing its portfolio of 140 renewable energy assets with a collective installed capacity of 2.8 GW in Belgium, France, Germany, Portugal, Spain, and the United Kingdom into one single portfolio instrument; the loan also featured private-placement note. In addition to BOC, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A., Allied Irish Bank p.l.c. (AIB), Australia and New Zealand Banking Group (ANZ), Bankinter, S.A., Canadian Imperial Bank of Commerce (CIBC), Commonwealth Bank of Australia (CBA), HSBC Bank PLC, Intesa Sanpaolo S.p.A., Lloyds Bank, National Australia Bank Limited (NAB), National Westminster Bank Plc (NatWest), and NN Investment Partners. 12 lenders, including BOC and excluding NN Investment Partners, contributed €41.67 million EUR ($45.41 million USD) to the €500 million EUR RCF tranche. BOC's contribution is captured by Record ID#101552. All 13 lenders, including BOC, contributed €20.07 million EUR ($21.87 million USD) to the €260.88 million EUR term loan B1 tranche. BOC's contribution is captured by Record ID#101553. All 13 lenders, including BOC, contributed €24.53 million EUR ($26.73 million USD) to the €318.85 million EUR term loan B2 tranche. BOC's contribution is captured by Record ID#101554. 12 lenders, including BOC and excluding NN Investment Partners, contributed €43.08 million EUR ($46.95 million USD) to the €560 million EUR term loan A1 tranche. BOC's contribution is captured by Record ID#101555. 12 lenders, including BOC and excluding NN Investment Partners, contributed €43.75 million EUR ($47.69 million USD) to the €525 million EUR term loan A2 tranche. BOC's contribution is captured by Record ID#101556.