Narrative
Full Description
Project narrative
On April 14, 2014, financial close was reached on a deal in which a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $290.00 million USD syndicated loan agreement with LSP Hudson Generation Holding, LLC — a Delaware-incorporated special purpose vehicle (SPV) wholly owned by LS Power Equity Partners II, L.P., a Delaware-incorporated private equity fund managed by LS Power Equity Advisors LLC, a Delaware-incorporated power and energy infrastructure and investment manager of LS Power Development, LLC — for the LSP Hudson Generation Portfolio 2014 Refinancing Project. This loan was divided into two tranches: a $285.00 million USD Term Loan Facility tranche with a maturity period of seven years, a final maturity date of April 14, 2021, an interest rate of LIBOR plus a margin of 275 basis points (bps), and that was secured (i.e. collateralized); and a $5.00 million USD Revolving Facility tranche. The proceeds were to be used by the borrower to refinance its portfolio of 10 natural gas-fired and hydro power generation assets; this included three natural-gas fired combustion turbine facilities: the 540 MW University Park North Energy Center and the 300 MW University Park South Energy Center in University Park, Will County, Illinois and 225 MW Wallingford Energy Center in Wallingford, New Haven County, Connecticut, originally acquired from PPL Corporation and TPF Generation Holdings; it also included seven run-of-river hydroelectric facilities, originally acquired from FirstEnergy Corporation. 10 lenders, including ICBC, each contributed $28.50 million USD to the $285 million USD Term Loan Facility tranche. Record ID#105236 captures ICBC's contribution. In addition to ICBC, the following lenders contributed to the tranche: BNP Paribas S.A., Crédit Agricole Group, ING Group N.V., SunTrust Bank, Union Bank, N.A., Associated Bank, CIT Group, OneWest Bank, N.A., and Siemens Bank GmbH. Five lenders, including ICBC, contributed $0.83 million USD to the $5 million USD Revolving Facility Tranche, while MUFG UnionBank contributed $0.84 million USD. Record ID#105237 captures ICBC's contribution. In addition to ICBC, the following lenders contributed to the tranche: BNP Paribas, Crédit Agricole Group, ING Group, Union Bank, and SunTrust.