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Overview

Bank of China contributes $7.37 million USD to a $105.4 million USD term loan tranche of a $200 million USD syndicated loan for the 350 MW Bang Bo Combined Cycle Power Plant Refinancing Project

Commitments (Constant USD, 2023)$15,504,537
Commitment Year•2004Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 19, 2004
Last repayment (originally scheduled)
Mar 17, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bangkok Bank Public Company Limited (BBL)
  • Citibank, N.A.
  • KBC Bank N.V.
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Eastern Power and Electric Company Limited (EPEC)

Loan description

BOC and China Construction Bank contributions to USD 200 million dual-tranche syndicated loan for 350 MW Bang Bo Combined Cycle Power Plant Refinancing Project

Grant element•23.0235%Interest rate (t₀)•3.90875%Interest type•Variable Interest RateMaturity•11.25 years

Narrative

Full Description

Project narrative

On December 19, 2004, financial close was reached on a deal in which a syndicate of six banks — the Bank of China (BOC), China Construction Bank Corporation (CCB), Citibank, KBC Finance, Bangkok Bank, and Sumitomo Mitsui Banking Corporation (SMBC) — entered into a $200 million USD-equivalent syndicated loan with Eastern Power and Electric Company Limited (EPEC) — a Thailand-incorporated special purpose vehicle (SPV) and independent power producer (IPP) owned by Marubeni Corporation (28.0% equity stake) and Total Gas & Power Thailand S.A.S., a subsidiary of Total S.A. (28.0% equity stake), China Development Industrial Bank (12.0% equity stake), and GMS Power Public Company Limited (32.0% equity stake) — for the 350 MW Bang Bo Combined Cycle Power Plant Refinancing Project. The loan was divided into two tranches: a $105.4 million USD term loan tranche with a maturity period of 11 years and three months, and an interest rate of USD-LIBOR plus a margin of 117 basis points (bps) and a ฿350 million THB revolver tranche with a maturity period of 10 years. BOC contributed $7.37 million USD (Record ID#104753), CCB contributed $60.07 million USD (Record ID#104754), Citibank contributed $5.27 million USD, KBC Finance contributed $29.51 million USD, and SMBC contributed $3.18 million USD to the term loan tranche, while Bangkok contributed to the revolver tranche. The proceeds were to be used by the borrower to refinance a $180 million USD 15-year loan accrued in February 2000 associated with EPEC operated power plant, the 350 MW Bang Bo Combined Cycle Power Plant, a natural gas-fired power plant located in Khlong Dan, Samut Prakan, approximately 50 kilometers to the east of Bangkok, operational since March 2003.