Narrative
Full Description
Project narrative
On November 20, 2023, a syndicate of eight banks — including the Bank of China (BOC) and China Construction Bank Corporation (CCB) — entered into a €950,000,000 EUR syndicated senior loan facilities agreement with ContourGlobal Finance Holding S.à r.l. — a Luxembourg-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of ContourGlobal Limited, an England and Wales-incorporated British power generation business that develops, owns, and operates power generation assets across the world and a wholly-owned subsidiary of Cretaceous Bidco Limited, an England and Wales-incorporated SPV of KKR Global Infrastructure Investors IV (USD) S.C.S.p. and KKR Global Infrastructure Investors IV (EUR) S.C.S.p., funds advised by KKR Associates Infrastructure IV S.C.S.p. and KKR Infrastructure IV S.à r.l., entities of American private equity firm KKR & Co. Inc. — to refinance KKR's acquisition financing. This loan was divided into five tranches, three representing a €800,000,000 EUR facility and a two representing a €150,000,000 EUR revolving credit facility (RCF): €394.60 million EUR ($432.18 million USD) Facility A1 tranche with a maturity period of five years; a €350.00 million EUR ($383.33 million USD) Facility A2 tranche with a maturity period of seven years; a €55.40 million EUR ($60.68 million USD) Facility A3 tranche with a maturity period of five years; a €85.40 million EUR ($93.53 million USD) RCF tranche with a maturity period of five years; and a €64.60 million EUR ($70.75 million USD) RCF tranche with a maturity period of five years. This loan carried an interest rate of EURIBOR / SOFR 6-month. ContourGlobal Finance Holding and certain other subsidiaries of ContourGlobal Limited issued a guarantee for the facilities agreement. This loan was secured by (i.e. collateralized against) share pledges granted by each of ContourGlobal Finance Holding and the other subsidiary guarantors. Wilmington Trust (London) Limited served as facility agent and security agent. The proceeds of Facility A1, Facility A2, and Facility A3 were used to repay in full and cancel indebtedness and pay related transaction costs and expenses under the August 1, 2022 bridge facilities agreement of Cretaceous Bidco Limited that KKR used to acquire ContourGlobal in 2022, while the two RCF tranches were to be used for liquidity and working capital purposes. Each lender contributed €49.32 million EUR ($54.02 million USD) to the €394.6 million EUR Facility A1, €43.75 million EUR ($47.92 million USD) to the €350 million EUR Facility A2, €6.92 million EUR ($7.58 million USD) to the €55.4 million EUR Facility A3, €10.67 million EUR ($11.69 million USD) to the €85.4 million EUR RCF tranche, and €8.07 million EUR ($8.84 million USD) to the €64.6 million EUR RCF tranche. In addition to BOC and CCB, the following lenders contributed to the loan syndicate: Barings LLC, BNP Paribas S.A., Caisse de dépôt et placement du Québec (CDPQ), Crédit Agricole Group, HSBC Bank, and Mizuho Bank. Record ID#105574 captured BOC's contribution to the €394.6 million EUR Facility A1. Record ID#105575 captured CCB's contribution to the €394.6 million EUR Facility A1. Record ID#105576 captured BOC's contribution to the €350 million EUR Facility A2. Record ID#105577 captured CCB's contribution to the €350 million EUR Facility A2. Record ID#105578 captured BOC's contribution to the €55.4 million EUR Facility A3. Record ID#105579 captured CCB's contribution to the €55.4 million EUR Facility A3. Record ID#105580 captured BOC's contribution to the €85.4 million EUR RCF tranche. Record ID#105581 captured CCB's contribution to the €85.4 million EUR RCF tranche. Record ID#105582 captured BOC's contribution to the €64.6 million EUR RCF tranche. Record ID#105583 captured CCB's contribution to the €64.6 million EUR RCF tranche. On November 28, 2023, the borrower drew down €800,000,000 EUR, the full value of Facility A1, Facility A2, and Facility A3, with the RCF not drawn down.