ICBC contributes $70 million USD to 7200 million USD syndicated term loan facility to Atlantic Power Limited Partnership for general corporate and working capital purposes in 2016 (Linked to Record ID#107526 and #107527)

Project narrative

On February 24, 2014, financial close was reached on a deal in which a syndicate of eight banks — including ICBC — entered into a $210,000,000 USD syndicated revolving loan agreement with Atlantic Power Limited Partnership, a Massachusetts-based independent power producer that owns and operates a diverse fleet of power generation assets in the United States and Canada. The loan’s maturity is 5 years and the interest rate was LIBOR plus 3.75% The use of proceeds was to support collateral obligations to contract counterparties, provide working capital, and fund general corporate purposes. The proceeds were used by the borrower to issue letters of credit with respect to a debt service reserve account, support collateral obligations to counterparties, and provide for the ongoing working capital requirements and general corporate needs of Atlantic Power and its guarantors. The facility was also available to provide funds to its affiliate, Atlantic Power Generation, Inc., for equivalent purposes. While ICBC contributed $30,000,000 USD to this loan (Record ID#107526), the following lenders also participated: Goldman Sachs Lending Partners LLC ($30,000,000 USD), Bank of America, N.A. ($30,000,000 USD), Royal Bank of Canada ($30,000,000 USD), Union Bank, Canada Branch ($30,000,000 USD), Wells Fargo Bank, National Association ($25,000,000 USD), RBS Citizens, N.A. ($20,000,000 USD), and OneWest Bank, FSB ($15,000,000 USD). This loan was guaranteed by the following entities: Atlantic Power Preferred Equity Ltd.; Atlantic Power (US) GP; AP Power Holdings Inc.; Atlantic Power USA LLC; Atlantic Power FPLP Holdings LLC; Frederickson Power Management Inc.; APDC Inc.; Atlantic Power Enterprises LLC; Atlantic Power Energy Services (US) LLC; Manchief Inc.; Manchief Holdings LLC; Manchief Power Company LLC; Curtis Palmer LLC; AP (Curtis Palmer) LLC; Curtis/Palmer Hydroelectric Company L.P.; Morris Cogeneration LLC; Atlantic Power USA Ventures LLC; Atlantic Power USA Holdings LLC; EF Kenilworth LLC; EF Oxnard LLC; Applied Energy LLC; Atlantic Power (Coastal Rivers) Corporation; and Atlantic Power (Williams Lake) Ltd. On April 13, 2016, financial close was reached on a deal in which a syndicate of eight banks — including ICBC — entered into a $900 million USD syndicated loan agreement with Atlantic Power Limited Partnership, a Massachusetts-based independent power producer that owns and operates a diverse fleet of power generation assets in the United States and Canada. The loan has two tranches: a $200 million USD revolving credit facility of which maturity is 5 years and the interest rate was LIBOR plus 5% and a term loan of $700 million USD with 7 year maturity and LIBOR+5%. The use of proceeds was to support collateral obligations to contract counterparties, provide working capital, and fund general corporate purposes. While ICBC contributed $50 million USD to the RCF (Record ID#107527), and $70 million USD to the term loan (Record ID#107528), the following lenders also participated: BofA Securities, Goldman Sachs, Mitsubishi UFJ Financial Group, RBC Capital Markets and Wells Fargo. This loan was guaranteed by the following entities: Atlantic Power Preferred Equity Ltd.; Atlantic Power (US) GP; AP Power Holdings Inc.; Atlantic Power USA LLC; Atlantic Power FPLP Holdings LLC; Frederickson Power Management Inc.; APDC Inc.; Atlantic Power Enterprises LLC; Atlantic Power Energy Services (US) LLC; Manchief Inc.; Manchief Holdings LLC; Manchief Power Company LLC; Curtis Palmer LLC; AP (Curtis Palmer) LLC; Curtis/Palmer Hydroelectric Company L.P.; Morris Cogeneration LLC; Atlantic Power USA Ventures LLC; Atlantic Power USA Holdings LLC; EF Kenilworth LLC; EF Oxnard LLC; Applied Energy LLC; Atlantic Power (Coastal Rivers) Corporation; and Atlantic Power (Williams Lake) Ltd.