Narrative
Full Description
Project narrative
On July 31, 2023, financial close was reached on a deal in which a syndicate of seven banks — including China CITIC Bank International Limited — entered into a $525.00 million USD syndicated term loan agreement with PacificLight Power Pte. Ltd. (PLP) — a Singapore-incorporated power generator and electricity retailer jointly owned by FPM Power Holdings Ltd, a 60:40 joint venture between Bermuda-incorporated Hong Kong-based investment holding company First Pacific Company Limited and MERALCO PowerGen Corporation (MGEN), a wholly owned subsidiary of privately-owned Philippine distribution utility Manila Electric Company (MERALCO) (70% equity stake) and PETRONAS International Power Corporation (Mauritius) Ltd, a wholly-owned subsidiary of PETRONAS Power Sdn Bhd., itself a wholly subsidiary of Malaysian state-owned energy company National Petroleum Limited (Petronas) (30% equity stake) — and PacificLight Energy Pte. Ltd. (PLE) — a Singapore-incorporated wholly owned subsidiary of PLP that operates a 800 MW combined-cycle gas turbine power generation facility on Jurong Island — for the PacificLight Power 2023 Refinancing Project. This loan carried a maturity period of approximately five years and a final maturity in 2028; it was available for drawdown in U.S. dollars and Singaporean dollars. The proceeds were to be used for the refinancing of PLP and for the funding requirements of PLE's 800 MW power plant on Jurong Island. Each lender, including China CITIC Bank International, contributed $75.00 million USD). In addition to China CITIC Bank International, the following lenders contributed to the loan syndicate: Bank of East Asia Limited (BEA), CTBC Bank Co., Ltd., the Singapore Branch of ING Bank N.V., the Singapore Branch of Malayan Banking Berhad (Maybank), National Bank of Kuwait S.A.K. (NBK), and Taipei Fubon Commercial Bank Co., Ltd. Maybank Singapore Btanch served as the original mandated lead arrangers. China CITIC Bank International, BEA, CTBC, ING Bank, Maybank, NBK, and Taipei Fubon served as the other mandated lead arrangers.