Overview

Bank of China contributes to a €1.5 billion EUR club loan to Endesa for unspecified purposes

Commitments (Constant USD, 2023)$272,083,430

Commitment Year•2003Country of Activity•SpainDirect Recipient Country of Incorporation•SpainSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 11, 2003

First repayment (originally scheduled): Feb 10, 2007

Last repayment (originally scheduled): Feb 10, 2008

Geospatial footprint

Map overview

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The project provided a loan to Endesa, S.A., whose headquarter is Ribera Del Loira, 60, Madrid, Spain. More detailed locational information can be found at: https://www.openstreetmap.org/way/186758471

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

Bank of China (BOC)

Cofinancing agencies

Private Sector

Banco Español de Crédito, S.A. (Banesto)
Banco Popular Español, S.A. (BPE)
BNP Paribas S.A.
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
HSBC Bank PLC
ING Group N.V.
JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
La Caja de Ahorros y de Pensiones de Barcelona (La Caixa)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))

State-owned Banks

Bayerische Landesbank (BayernLB)
Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid)
Royal Bank of Scotland (RBS)
WestLB AG

Receiving agencies

Private Sector

Endesa, S.A.

Loan desecription

2003 syndicated €1.5 billion EUR club loan from BoC and others to Endesa for unspecified purposes

Grace period•4 yearsInterest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On February 11, 2003, a syndicate of 14 banks — including the Bank of China (BOC) — signed a €1.5 billion EUR club loan agreement with Endesa, S.A. — a Spanish multinational electricity utility company — for unspecified purposes. This loan carried a maturity period of five years, a grace period of four years with repayment in half-yearly installments in the final year. In addition to BOC, the following lenders contributed to the loan syndicate: Royal Bank of Scotland plc (RBS), ING Group N.V., Banco Español de Crédito, S.A. (Banesto), Crédit Agricole Indosuez (CAI), JPMorgan Chase Bank, N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), BNP Paribas S.A., Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid), HSBC Bank Plc, La Caja de Ahorros y de Pensiones de Barcelona (La Caixa), Banco Popular Español, S.A. (BPE), Bayerische Landesbank (BayernLB), and WestLB AG. RBS served as coordinator and the other lenders joined in syndication. In March 2005, Endesa was close to awarding a mandate for a bank to lead a €1.5 billion EUR loan to refinance the 2003 loan.

Staff comments

1. The individual contributions of the 14 lenders to this €1.5 billion EUR syndicated loan are unknown. For the time being, AidData has estimated BOC's contribution by assuming each lender contributed equally (€107,142,857.143 EUR) to the loan syndicate. 2. In 2007, Italian multinational electricity and gas company Enel S.p.A. acquired a supermajority stake in Endesa and to 2024 remains its majority owner. 3. Sources describe this syndicated loan as a "club deal", explicitly not a syndicated loan.