Narrative
Full Description
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. 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. In addition to ICBC, the following lenders contributed to the loan syndicate: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Banco Comercial Português (BCP), Banco Santander, S.A., Bank of America Merrill Lynch International Limited, MUFG Bank, Ltd., Barclays Bank Plc, BNP Paribas S.A., Caixa – Banco de Investimento, S.A. (CaixaBI), Caixabank, S.A., Citigroup Global Markets Limited (CGML), Commerzbank AG, Crédit Agricole Corporate and Investment Bank (CACIB), Deutsche Bank AG, HSBC Bank PLC, ING Bank N.V., Intesa Sanpaolo S.p.A., J.P. Morgan Securities PLC, Mizuho Bank Europe N.V., The National Westminster Bank PLC (NatWest), Société Générale S.A. (SocGen), and Unicredit Corporate & Investment Banking. All lenders served as bookrunners and mandated lead arrangers. MUFG Bank served as facility agent. EDP was the self-arranger.
Staff comments
1. The individual contributions of the 22 lenders to this €3,300,000,000 EUR syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming each contributed an equal amount (€150,000,000 EUR) to the loan syndicate. 2. EDP – Energias de Portugal, S.A. is a private company that generates, supplies and distributes electricity and the supply of gas in Portugal and Spain.