ICBC contributes $70 million USD to $773 million USD term loan tranche to $2.6 billion USD loan for the 933 KM Matterhorn Express Pipeline Project

Project narrative

On February 8, 2023, a syndicate of 12 lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $2.6038 billion USD loan agreement with Matterhorn Express Pipeline LLC — a joint venture/ special purpose vehicle (JV/SPV) of WhiteWater Midstream (67.5%), EnLink Midstream (15%), Devon Energy (12.5%), Marathon Petroleum Corporation (5%) — for the 933 KM Matterhorn Express Pipeline Project. The facility included a $540 million USD USPP Bullet tranche, a $537.8 million USD USPP Amortizing tranche, a $116 million USD letter of credit tranche, and a $773 million USD term loan tranche. ICBC contributed to the $773 million USD term loan tranche, which carried a maturity period of the construction plus 7 years. The proceeds were used to construct the 580-mile intrastate natural gas pipeline in Texas. ICBC contributed $70 million USD to the $773 million USD term loan tranche. The following lenders contributed the following amounts: Banco Bilbao Vizcaya Argentaria (BBVA) contributed $55 million USD, CaixaBank contributed $109.5 million USD, CoBank contributed $109.5 million USD, DZ Bank provided $50 million USD, FirstBank provided $20 million USD, Mizuho Bank provided $81.33 million USD, MUFG Bank provided $81.33 million USD, NordLB contributed $55 million USD, Société Générale S.A. (SocGen) contributed $50 million USD, Sumitomo Mitsui Banking Corporation provided $81.33 million USD, and Truist Bank contributed $60 million USD. The 933 KM Matterhorn Express Pipeline project reached final investment decision (FID) among WhiteWater Midstream, EnLink Midstream, Devon Energy, and Marathon Petroleum Corporation in May 2022. The pipeline consists of the 400-mile mainline, the 79-mile Stanton Lateral (or section), 81-mile Waha to Rankin Lateral, nine smaller laterals, eight compressor stations, and several additional sites and stations such as mainline valve sites and meter stations. Construction began on the Stanton Lateral and the Waha to Rankin Lateral began in February 2023. The pipeline stretches approximately 580 miles from the Permian Basin in Pecos County, TX to the Katy area in Wharton County, TX. It can transport up to 2.5 billion cubic feet of natural gas per day, with an operating pressure of 950-1440 psi. The pipeline began operations on October 1, 2024, and currently delivers energy for approximately 2 million households.