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Overview

ICBC contributes €50 million EUR to a €200 million EUR syndicated loan to Madrileña Red de Gas for refinancing and general corporate purposes

Commitments (Constant USD, 2023)$60,000,946
Commitment Year•2017Country of Activity•SpainDirect Recipient Country of Incorporation•SpainSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 5, 2017
Last repayment (originally scheduled)
Apr 5, 2022

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Sabadell
  • Mizuho Bank, Ltd.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Madrileña Red de Gas, S.A.U. (MRG)

Loan description

2017 syndicated €200 million EUR loan from ICBC and others to Madrileña Red de Gas for refinancing and general corporate purposes in Spain

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On April 5, 2017, financial close was reached on a deal in which a syndicate of four banks — the Industrial and Commercial Bank of China (ICBC), Banco de Sabadell S.A., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and Mizuho Bank — entered into a €200.00 million EUR ($213.48 million USD) syndicated loan agreement with Madrileña Red de Gas, S.A.U. (MRG) — a Spanish gas distribution company then owned by Ginkgo Tree Investment Ltd., PGGM, EDF Invest, and LPPI Infrastructure Investments LP — for refinancing and general corporate purposes. This loan carried a maturity period of five years and a final maturity date of April 5, 2022. The proceeds were to be used by the borrower to refinance an existing €150 million AUD facility signed on February 3, 2015 and for general corporate purposes. Each lender contributed €50.00 million EUR ($53.37 million USD).