Bank of China contributes 421.43 million SEK to the 5.9 billion SEK term loan tranche of a 6.103 billion SEK syndicated loan for the acquisition of Stockholm Exergi (Linked to Record ID#103569)

Project narrative

In July 2021, Fortum, Finnish state-owned energy group, agreed to sell a 50% stake in Stockholm Exergi (its Swedish district heating and cooling business) to GOLDCUP 27899 AB — a Sweden-incorporated special purpose vehicle jointly owned by APG Asset Management (41% stake), Alecta (15% stake) , PGGM (23% stake), Keva Pension Fund (11% stake), and AXA (10% stake) — for €2.9 billion EUR ($3.4 billion USD). On September 20, 2021, a syndicate of 13 banks — including Bank of China (BOC) — entered into a 6.103 billion SEK ($701.17 million USD) syndicated loan facility agreement with GOLDCUP 27899 AB for the acquisition. The loan is comprised of two tranches: 203 million SEK ($23.32 million USD) debt service reserve facility carried a seven year maturity with a final maturity date of September 20, 2028 and the 5.9 billion SEK ($677.84 million USD) term loan tranche with a seven year maturity with a final maturity date of September 20, 2028. The syndicate includes: Bank of China, BBVA, Canadian Imperial Bank of Commerce, Danske Bank, DNB ASA, Intesa Sanpaolo, KfW IPEX Bank, Mediobanca, Natixis, Nordea, OP Corporate Bank, Skandinaviska Enskilda Banken, Societe Generale, and Swedbank. Each lender contributed 14.5 million SEK ($1.67 million USD) to the 203 million SEK debt service reserve facility tranche, and contributed 421.43 million SEK ($48.42 million USD) to the 5.9 billion SEK term loan tranche. Record ID#103569 captures BOC's contribution to the 203 million SEK debt service reserve tranche. Record ID#103570 captures BOC's contribution to the 5.9 billion SEK term loan tranche. At the time of the acquisition, Stockholm Exergi was the largest district heating supplier in Sweden and boasted 700 employees. The City of Stockholm owned the remaining 50% stake of Stockholm Exergi. The acquisition was completed on June 30, 2021.