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Overview

Bank of China contributes €2.50 million EUR to the €25 million EUR TLB tranche of a €275 million EUR syndicated loan for the Viesgo and E-Redes Distribution Networks 2021 Refinancing Project (Linked to Record ID#101997)

Commitments (Constant USD, 2023)$2,712,181
Commitment Year•2021Country of Activity•SpainDirect Recipient Country of Incorporation•LuxembourgSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 3, 2021
Last repayment (originally scheduled)
Mar 3, 2026

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ABANCA Corporación Bancaria, S.A. (formerly Novacaixagalicia)
  • Banca March, S.A.
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • BNP Paribas S.A.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • ING Group N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • National Australia Bank Limited (NAB)
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Fresco International S.à r.l.

Loan description

March 2021 €275 million EUR syndicated loan from BoC and others for the Viesgo and E-Redes Distribution Networks 2021 Refinancing Project in Spain

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 3, 2021, financial close was reached on a deal in which a syndicate of 11 banks — including the Bank of China (BOC) — entered into a €275.00 million EUR ($332.43 million USD) syndicated loan agreement with Fresco International S.à r.l. — a Luxembourg-incorporated special purpose vehicle (SPV) holding company of two Spanish regulated electricity distribution networks, Viesgo and E-Redes jointly owned by Energias de Portugal (EDP), a Portuguese electric utilities company owned by a variety of shareholders, including China Three Gorges Corporation (75.1% equity stake) and MSCIF SD Holdings S.à.r.l., a Luxembourg-incorporated subsidiary of Macquarie Super Core Infrastructure Fund (MSCIF) managed by Macquarie Infrastructure and Real Assets (MIRA) (24.9% equity stake) — for the Viesgo and E-Redes Distribution Networks 2021 Refinancing Project. This loan was divided into two tranches: a €25.00 million EUR ($30.22 million USD) term loan B (TLB) tranche with a maturity period of five years and a final maturity date of March 3, 2026; and a €250.00 million EUR loan tranche with a maturity period of five years and a final maturity date of March 3, 2026. The proceeds were to be used by the borrower to refinance MSCIF's existing Holdco debt. BOC contributed €2.50 million EUR ($3.02 million USD) to the €25 million EUR TLB tranche. Record ID#101995 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A. (€2.50 million EUR), Banca March (€2.50 million EUR), BNP Paribas S.A. (€2.50 million EUR), ING Group N.V. (€2.50 million EUR), Intesa Sanpaolo S.p.A. (€2.50 million EUR), National Australia Bank Limited (NAB) (€2.50 million EUR), Banco Santander S.A. (€2.50 million EUR), Société Générale S.A. (SocGen) (€2.50 million EUR), and Sumitomo Mitsui Banking Corporation (SMBC) (€2.50 million EUR). BOC contributed €11.99 million EUR ($14.49 million USD) to the €250 million EUR loan tranche. Record ID#101997 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: ABANCA (€11.99 million EUR), Banca March (€11.50 million EUR; $13.90 million USD), BNP Paribas (€11.99 million EUR), Crédit Agricole Group (€100.00 million EUR; $120.89 million USD), ING Group (€11.99 million EUR), Intesa Sanpaolo (€11.99 million EUR), NAB (€11.99 million EUR), Banco Santander (€27.30 million EUR; $33.00 million USD), SocGen (€27.30 million EUR), and SMBC (€11.99 million EUR).