ICBC contributes $37.5 million USD to the $120 million USD revolving credit facility tranche of a $570 million USD syndicated loan for the 725 MW CPV Woodbridge Energy Center (WEC) 2018 Refinancing Project (Linked to Record ID#105227)

Project narrative

On December 27, 2018, financial close was reached on a deal in which a syndicate of at least five lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $570.00 million USD syndicated loan agreement with CPV Shore Holdings, LLC — a Delaware-incorporated special purpose vehicle (SPV) and joint venture of Competitive Power Ventures (CPV) (37.55% equity stake), Toyota Tsusho (31.25% equity stake), John Hancock Life Insurance Company (11.2% equity stake), and Osaka Gas (20% equity stake) — for the 725 MW CPV Woodbridge Energy Center (WEC) 2018 Refinancing Project. This loan was divided into two tranches: a $120.00 million USD senior secured revolving credit facility (RCF) tranche with a maturity period of five years and an interest rate of LIBOR plus a margin of 363 basis points (bps); and a $450.00 million USD senior secured Term Loan B tranche with a maturity period of seven years and an interest rate of LIBOR plus a margin of 363 bps. ICBC contributed $37.50 million USD to the $120 million USD RCF tranche, as captured by Record ID#105226. In addition to ICBC, the following lenders contributed to the tranche: Crédit Agricole Group ($20.63 million USD), Morgan Stanley ($20.63 million USD), MUFG Bank, Ltd. ($20.63 million USD), and at least one other bank ($20.63 million USD). ICBC contributed $12.50 million USD to the $450 million USD Term Loan Tranche, as captured by Record ID#105227. In addition to ICBC, the following lenders contributed to the tranche: Crédit Agricole Group ($109.38 million USD), Morgan Stanley ($109.38 million USD), MUFG Bank ($109.38 million USD), and at least one other bank ($109.38 million USD). Morgan Stanley served as the left led bank. Crédit Agricole and MUFG served as bookrunners. The loan was launched on November 30, 2018 with commitments due by December 14, 2018. The proceeds were to be used by the borrower to refinance existing project debt of a $311 million USD term loan balance and $14 million USD of transaction expenses used for the construction and initial operation of the 725 MW CPV Woodbridge Energy Center (WEC), a natural gas-fired combined-cycle power plant located in Woodbridge Township, Middlesex County, New Jersey, connecting to the Pennsylvania-New Jersey-Maryland (PJM) Interconnection that went into operation in January 2016. The proceeds were also assessed by S&P Global Ratings to be used to partially fund a $100 million USD distribution to the project sponsors (the owners of CPV Shore Holdings, LLC). On November 15, 2023, financial close was reached on a deal in which a syndicate of four banks — not including ICBC — entered into a $457 million USD syndicated loan agreement with CPV Shore Holdings, LLC for the 725 MW CPV Woodbridge Energy Center (WEC) 2023 Refinancing Project. The proceeds of this loan may have been used to refinance the 2018 $570 million USD loan.