ICBC contributes to a €3.15 billion EUR syndicated revolving credit facility to EDP – Energias de Portugal, S.A. for refinancing and liquidity purposes

Project narrative

On June 20, 2014, a syndicate of 21 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a €3,150,000,000 EUR syndicated multi-currency revolving credit facility (RCF) agreement with EDP – Energias de Portugal, S.A. — a Portuguese electricity utilities company headquartered in Lisbon — and EDP Finance B.V. — a Netherlands-incorporated wholly-owned subsidiary of EDP — for refinancing and liquidity purposes. This loan carried a maturity period of five years, a final maturity date in 2019, and was available for draw down in euros and U.S. dollars. The proceeds were to be used by the borrower to refinance and replace a €2,000,000,000 EUR RCF signed on November 3, 2010 that was due to mature on November 3, 2015 and to serve as a backup credit facility. Record ID#104131 captures ICBC's contribution. In addition to ICBC, the following lenders contributed to the loan syndicate: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Banco BPI, S.A., Banco Comercial Português (BCP), Banco Espirito Santo, S.A. (BES), Banco Popular Español S.A. (BPE), Banco Santander Totta S.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Barclays Bank Plc, BNP Paribas S.A., Caixa - Banco de Investimento, Caixabank, S.A., Citigroup Global Markets, Deutsche Bank Luxembourg S.A., HSBC Bank PLC, ING Bank N.V., J.P. Morgan Limited, Mizuho Bank Nederland N.V., The Royal Bank of Scotland (RBS), Société Générale S.A. (SocGen), and Unicredit Bank Austria AG. All these lenders were mandated lead arrangers and bookrunners and EDP was a self-arranger. BTMU served as a Facility Agent. The transaction, initially targeted at €2,000,000,000 EUR, was 1.6x oversubscribed during syndication. As of December 31, 2014, the RCF remained undrawn. As of December 31, 2015, the RCF remained undrawn. The credit line would never be drawn. On October 30, 2017, a syndicate of 22 banks — including ICBC — signed a €3,300,000,000 EUR syndicated multicurrency RCF agreement with EDP – Energias de Portugal, S.A. and EDP Finance B.V. for refinancing and liquidity purposes. This loan carried a maturity period of five years with two one-year extension options subject to lenders' consent, a final maturity date in 2022, and was available for draw down in euros and U.S. dollars. The proceeds were to be used by the borrower to replace the €3,150,000,000 RCF signed in June 2014, which was then cancelled, and to serve as a backup credit facility. Record ID#104138 captures ICBC's contribution.