ICBC provides $21.83 million USD to $262 million USD term loan tranche of $297 million USD syndicated loan for the 1039 MW Rockland Capital Gas-Fired Portfolio Acquisition Project (Linked to Record ID#107741, ID#107743, ID#107740)

Project narrative

On July 5, 2017, financial close was reached on a deal in which a syndicate of 11 lenders — including the Industrial and Commercial Bank of China (ICBC) and China Merchants Bank — entered into a $297 million USD syndicated loan agreement with the Carlyle Group — an American multinational private equity and asset management firm — for the 1039 MW Rockland Capital Gas-Fired Portfolio Acquisition Project. The facility included three tranches: a $17.5 million USD working capital tranche, a $262 million USD term loan tranche, and a $17.5 million USD letter of credit tranche. Each tranche carried a maturity period of seven years and a final maturity date of July 5, 2024. The $262 million USD term loan tranche was priced priced at LIBOR plus 325 basis points (bps). Record ID#107740 captures ICBC's $1.39 million USD contribution to the $17.5 million USD working capital tranche. Record ID#107741 captures China Merchant's Banks' $1.39 million USD contribution to the tranche. The following lenders also contributed the following amounts to the tranche: ABN AMRO Bank ($1.39 million USD), CIT Bank ($1.39 million USD), FirstBank Puerto Rico ($1.39 million USD), GE Energy Financial Services ($1.39 million USD), Investec ($1.39 million USD), Migdal ($1.39 million USD), National Australia Bank ($3.59 million USD), Royal Bank of Scotland ($1.39 million USD), and SunTrust Bank ($1.39 million USD). Record ID#107742 captures ICBC's $21.83 million USD contribution to the $262 million USD term loan tranche. Record ID#107743 captures China Merchant's Banks' $21.83 million USD contribution to the tranche. The following lenders also contributed the following amounts to the tranche: ABN AMRO Bank, ($21.83 million USD), CIT Bank ($21.84 million USD), FirstBank Puerto Rico ($21.83 million USD), GE Energy Financial Services ($21.84 million USD), Investec ($21.84 million USD), Migdal ($43.66 million USD), Royal Bank of Scotland ($21.83 million USD), SunTrust Bank ($21.84 million USD). AidData does not consider letters of credit to be flows. However, the following lenders contributed the following amounts to the tranche: ICBC ($1.39 million USD), China Merchants Bank ($1.39 million USD), ABN AMRO Bank ($1.39 million USD), CIT Bank ($1.39 million USD), FirstBank Puerto Rico ($1.39 million USD), GE Energy Financial Services ($1.39 million USD), Investec ($1.39 million USD), Migdal ($1.39 million USD), National Australia Bank ($3.59 million USD), Royal Bank of Scotland ($1.39 million USD), and SunTrust Bank ($1.39 million USD). The Carlyle Group began arranging the loan for a $280 million USD facility, which was oversubscribed and increased to $297 million USD. The proceeds of the loan were used by the borrower to acquire three simple-cycle peaking gas-fired plants in Illinois. The assets were acquired from Rockland Capital (the divestor), which announced the closure of the sale on July 5, 2017. The acquisition comprised the following simple-cycle peaking gas-fired plants, all located in Illinois: the 476 MW Elgin Energy Center in located Elgin; the 375 MW Rocky Road Energy Center in East Dundee; and the 188 MW Tilton Energy Center in Tilton. All three assets are part of the PJM Interconnection and are located with Commonwealth Edison (ComEd), the largest electric utility company in the state of Illinois, service territory.