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Overview

ICBC contributes $166.67 million USD to $2 billion USD syndicated loan to Tenaska for refinancing and working capital purposes

Commitments (Constant USD, 2023)$157,489,672
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 22, 2022
Last repayment (originally scheduled)
Mar 22, 2026

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Asia Commercial Bank (ACB)
  • BNP Paribas Fortis S.A./N.V.
  • CoBank, ACB
  • Coöperatieve Rabobank U.A. (Rabobank)
  • First Financial Bank
  • ING Capital LLC
  • Mizuho Financial Group (MHFG)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Tenaska Inc.

Loan description

ICBC contributes to $2 billion USD syndicated loan to Tenaska in 2022

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On March 22, 2022, a syndicate of 12 lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $2 billion USD syndicated working capital loan facility with Tenaska Inc. — an Omaha-headquartered private energy company — for refinancing and working capital purposes. The loan carries a maturity period of four years. The known 12-lender syndicate included ICBC (Senior Managing Agent), Asia Commercial Bank, BNP Paribas Fortis (Joint Lead Arranger and Joint Bookrunner), CoBank (Senior Managing Agent), First Financial Bank, ING Capital (Joint Lead Arranger and Joint Bookrunner), Mizuho Financial Group (Senior Managing Agent), MUFG Bank (Joint Lead Arranger and Joint Bookrunner), Coöperatieve Rabobank (Rabobank) (Joint Lead Arranger and Joint Bookrunner), Société Générale (SocGen) (Joint Lead Arranger and Joint Bookrunner), Sumitomo Mitsui Banking Corporation(Senior Managing Agent), Wells Fargo (Joint Lead Arranger and Joint Bookrunner). Each lender contributed $166.67 million USD to the loan. The facility refinanced a loan which was first provided in 2006. The proceeds will support natural gas transactions and the company's liquidity by Tenaska Marketing Ventures and Tenaska Gas Storage, Tenaska Inc.'s affiliates for natural gas selling, trading, management, and distribution.

Staff comments

1. Tenaska's press release indicates that the syndicate has 16 lenders. This discrepancy many be the result of different sources, how lending institutions are counted (branches and subsidiaries being considered as one entity), or lenders joining the syndicate after source release. This issue merits further investigation.