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Overview

ICBC contributes €50 million EUR to a €301 million EUR term loan B tranche of a €500 million EUR syndicated term loan to refinance debt associated with its stake in Exolum

Commitments (Constant USD, 2023)$54,063,431
Commitment Year•2023Country of Activity•SpainDirect Recipient Country of Incorporation•NetherlandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 2, 2023
Last repayment (originally scheduled)
May 31, 2028

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • ABANCA Corporación Bancaria, S.A. (formerly Novacaixagalicia)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Pichincha
  • Barings Target Yield Infrastructure Debt Fund
  • BNP Paribas S.A.
  • Unicaja Banco S.A
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Borealis Spain Parent B.V.

Loan description

2023 syndicated €500 million EUR term loan from ICBC and others to refinance debt associated with Borealis Spain Parent B.V. 's stake in Exolum

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 2, 2023, financial close was reached on a deal in which a syndicate of eight banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €500.00 million EUR ($538.17 million USD) syndicated term loan agreement with Borealis Spain Parent B.V. — a Netherlands-incorporated special purpose vehicle (SPV) wholly owned by Canadian public pension fund OMERS Infrastructure — to refinance debt associated with its stake in Exolum. This loan was divided into two tranches: a €199.00 million EUR ($214.19 million USD) term loan A tranche with a maturity period of five years; and a €301.00 million EUR ($323.98 million USD) term loan B tranche with a maturity period of five years. The proceeds were to be used by the borrower to refinance OMERS Infrastructure's existing HoldCo debt in Spanish multinational transportation and storage oil products Exolum Corporation, S.A. and dividend recapitalization. Five banks contributed to the €301 million EUR term loan B tranche. ICBC contributed €50.00 million EUR ($53.82 million USD) to the €301 million EUR term loan B tranche. In addition to ICBC, the following lenders contributed to the €301 million EUR term loan B tranche: UniCredit S.p.A. (€75.00 million EUR; $80.73 million USD), BNP Paribas S.A. (€75.00 million EUR), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (€71.00 million EUR; $76.42 million USD), and Target Yield Infrastructure Debt Fund (€30.00 million EUR; $32.29 million USD). Three banks contributed to the €199 million EUR term loan A tranche: ABANCA Corporación Bancaria, S.A. (€175.00 million EUR; $188.36 million USD), Banco Pichincha (€9.00 million EUR; $9.69 million USD), and Unicaja (€15.00 million EUR; $16.15 million USD).