Narrative
Full Description
Project narrative
On June 23, 2022, financial close was reached on a deal in which a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €299.11 million EUR ($316.08 million USD) syndicated loan agreement with Nuevo Hospital de Toledo, S.A. — a Spain-incorporated special purpose vehicle (SPV) and concessionaire of the University Hospital of Toledo jointly owned by DIF Infrastructure VI of DIF Capital Partners (33.3% equity stake), investor and asset manager Meridiam S.A.S. (33.3% equity stake), Brookfield Super-Core Infrastructure Partners L.P. managed by Brookfield Asset Management Inc. (26.7% equity stake), and Iridium Concesiones de Infraestructuras, S.A. (6.7% equity stake) — for the Nuevo Hospital de Toledo Public-Private Partnership (PPP) 2022 Refinancing Project. This loan was divided into three tranches: a €201.00 million EUR ($212.40 million USD) term loan tranche with a maturity period of 17 years and a final maturity date of June 23, 2039; a €84.34 million EUR ($89.13 million USD) term loan tranche with a maturity period of 22 years and a final maturity date of June 23, 2044; and a €13.77 million EUR ($14.55 million USD) debt service reserve facility tranche with a maturity period of 22 years and a final maturity date of June 23, 2044. The proceeds were to be used by the borrower for the refinancing of the design, construction, operating and maintenance of University Hospital of Toledo (CHUT in Spanish), a hospital in Toledo. Each lender, including ICBC, contributed €20.10 million EUR ($21.24 million USD) to the €201 million EUR term loan tranche, €8.43 million EUR ($8.91 million USD) to the €84.34 million EUR term loan tranche, and €1.38 million EUR ($1.46 million USD) to the €13.77 million EUR debt service reserve facility tranche. Record ID#102066 captures ICBC's contribution to the €201 million EUR term loan tranche. Record ID#102067 captures ICBC's contribution to the €84.34 million EUR term loan tranche. Record ID#102068 captures ICBC's contribution to the €13.77 million EUR debt service reserve facility tranche. In addition to ICBC, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A., Bankinter S.A., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Crédit Agricole Group, Natixis, Norinchukin Bank, Shinsei Bank, Siemens Bank GmbH, and Unicaja Banco S.A.. The University Hospital of Toledo is the largest hospital complex of Europe with 245,000 of built area across seven buildings, 1,142 beds (760 for hospitalization, 382 for other uses), 368 consultation rooms, 97 examination rooms, 120 outpatient posts, 42 emergency observation posts, and 65 treatment posts and examination boxes, serving the 434,000 residents of the province of Toledo. It was constructed by a joint between between OHL, Acciona, and ACS and with a 30-year concession period for non-clinical services and inaugurated in fall 2020.