ICBC contributes $62 million USD to the $510 million USD term loan tranche of a $595 million USD syndicated loan for the 738 MW West Deptford Energy Center (WDE) 2015 Refinancing Project

Project narrative

On January 16, 2015, financial close was reached on a deal in which a syndicate of 12 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $595.00 million USD syndicated loan agreement with West Deptford Energy Holdings, LLC (WDE) — a Delaware-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of LS Power Development, LLC, a Delaware-incorporated American power and energy infrastructure development, investment, and operation company — for the 738 MW West Deptford Energy Center (WDE) 2015 Refinancing Project. This loan was divided into three tranches: a $510.00 million USD senior secured term loan tranche; a $65.00 million USD revolver tranche; and a $20.00 million USD letter of credit. The loan carried a maturity period of seven years, a final maturity date of January 14, 2022, and an interest rate of LIBOR plus a margin of 312.5 basis points (bps). ICBC contributed $62.00 million USD to the $510 million USD term loan tranche. In addition to ICBC, the following lenders contributed to the tranche: Associated Bank ($15.00 million USD), BNP Paribas S.A. ($12.50 million USD), CIT Bank, N.A. ($50.00 million USD), Crédit Agricole Corporate and Investment Bank (CACIB) ($46.00 million USD), GE Capital Markets, Inc. ($56.00 million USD), ING Capital LLC ($57.00 million USD), MUFG Union Bank, N.A. ($46.00 million USD), the New York Branch of Norddeutsche Landesbank Girozentrale (NORD/LB) ($46.00 million USD), The Prudential Insurance Company of America ($50.00 million USD), Siemens Bank GmbH ($25.00 million USD), and SunTrust Robinson Humphrey, Inc. ($44.50 million USD). ICBC did not contribute to the $65 million USD revolver tranche, which was provided by BNP Paribas ($10.00 million USD), CACIB ($10.00 million USD), GE Capital Markets ($14.00 million USD), ING Capital ($6.00 million USD), NORD/LB ($10.00 million USD), SunTrust Robinson Humphrey ($5.00 million USD), and MUFG Union Bank ($10.00 million USD). ICBC did not contribute to the $20 million USD letter of credit tranche, which was provided by BNP Paribas ($6.50 million USD), ING Capital ($7.00 million USD), and SunTrust Robinson Humphrey ($6.50 million USD). The proceeds were to be used by the borrower to refinance the $345 million USD construction debt for West Deptford Energy Center (WDE), a merchant 738 MW combined-cycle natural gas-fired electric generating plant located in West Deptford, Township, New Jersey, south of Philadelphia, Pennsylvania. The original construction loan for WDE closed in 2011, with construction commenced in 2012 and operations began in 2014. On August 1, 2019, financial close was reached on a syndicate of five banks — not including ICBC — entered into a $500 million USD syndicated loan agreement with West Deptford Energy Holdings, LLC for the 738 MW West Deptford Energy Center (WDE) 2019 Refinancing Project. The proceeds were to be used to refinance the outstanding $347 million USD term loan from 2015 and transaction expenses.