Overview

ICBC provides €160 million EUR credit facility to Redes Energéticas Nacionais for debt refinancing

Commitments (Constant USD, 2023)$164,741,515

Commitment Year•2013Country of Activity•PortugalDirect Recipient Country of Incorporation•PortugalSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 11, 2013

Start (planned): Mar 31, 2014

End (planned): Nov 1, 2018

Last repayment (originally scheduled): Nov 10, 2018

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% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Redes Energéticas Nacionais, SGPS, S.A. (REN)

Loan description

ICBC provides €160 million EUR credit facility to Redes Energéticas Nacionais for debt refinancing

Interest rate (t₀)•3.622%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On November 11, 2013, the Industrial and Commercial Bank of China (ICBC) entered into a €160 million EUR credit facility agreement with Redes Energéticas Nacionais (REN) — a Portuguese energy utility company — for debt refinancing purposes. The facility carried a maturity of 5 years and an interest rate of 6-month EURIBOR plus a margin of 3.3%. On December 31, 2013, REN had drawn €10 million EUR from the facility. On November 6, 2015, it was announced that the facility's maturity was extended to 2020 and its amount reduced to €120 million EUR.

Staff comments

1. AidData calculated the all-in interest rate as follows: 0.344% (6-month Euribor in September 2013) + 3.3% (given margin) = 3.644%.