Narrative
Full Description
Project narrative
On April 18, 2018, financial close was reached on a deal in which a syndicate of nine lenders — including the Industrial and Commercial Bank of China (ICBC) — provided a $365 million USD loan facility for the 555 MW Carville Energy Center Refinancing Project. This loan facility was divided into: a $265 million USD term loan tranche (maturity period of 10 years and a final maturity date of April 18, 2028), a $25 million USD working capital tranche (maturity period of seven years and a final maturity date of April 18, 2025), and a $75 million USD letter of credit tranche (maturity period of seven years and a final maturity date of April 18, 2025). This loan was secured. ING Bank, MUFG Bank and CoBank arranged the facility. The proceeds of the loan will be used to for transaction expenses, the repayment of extant debt, and the provision of distribution to the sponsor. ICBC contributed to the $265 million USD term loan tranche and the $75 million USD credit facility. AidData does not consider letters of credit to be flows. ICBC contributed $29 million USD to the $265 million USD term loan tranche. In addition to ICBC's contribution, the following institutions provided the following amounts to the tranche: Associated Bank ($29 million USD), Bank of Montreal ($29 million USD), CoBank ($36 million USD), ING Bank ($35 million USD), MUFG Bank ($29 million USD), NordLB ($29 million USD), Siemens ($29 million USD), and SunTrust Bank ($29 million USD). ICBC did not contribute to the working capital tranche, though the following lenders contributed the following amounts: Associated Bank ($3 million USD), Bank of Montreal ($3 million USD), CoBank ($4 million USD), ING Bank ($5 million USD), MUFG Bank ($4 million USD), NordLB ($3 million USD), and SunTrust Bank ($3 million USD). The Carville Energy Center is an operating combined cycle power generation center with a peak capacity of 555 MW, located in St Gabriel, Iberville, Louisiana, United States. The site was commissioned in 2003. NatGen Southeast Power LLC — a wholly-owned subsidiary of the LS Power Equity Partners III fund — purchased the plant from Calpine Corporation with a spate of six power plants in 2014. Carville Energy LLC was the special purpose vehicle (SPV) which operated the site. In 2021, the plant was sold to Argo Infrastructure Partners.
Staff comments
1.AidData does not consider letters of credit to be financial flows. 2. AidData is yet to identify the specific borrowing institution of this loan, which was plausibly, if not likely, a special purpose vehicle. For the time being, AidData has coded LS Power Equity Partners III as the borrowing institution. 3. Leidos acted as technical adviser to the sponsor(s) on the deal.