Skip to content
AidData logo

Overview

Bank of China contributes $1.5 billion 364-day syndicated revolving credit facility to Southern Edison Company for general corporate purposes in 2020

Commitments (Constant USD, 2023)$119,046,210
Commitment Year•2020Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 8, 2020
Last repayment (originally scheduled)
May 8, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • BMO Financial Group (Bank of Montreal)
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Credit Suisse AG
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mizuho Bank, Ltd.
  • MUFG Union Bank, N.A. (formerly Union Bank of California, N.A.)
  • Royal Bank of Canada (RBC)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Truist Bank, N.A.
  • U.S. Bank National Association
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Southern California Edison Company (an Edison International Company)

Loan description

2020 Bank of China contributions $1.5 billion 364-day syndicated revolving credit facility to Southern Edison Company for general corporate purposes

Interest rate (t₀)•2.388%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On May 8, 2020, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China — entered into a $ (amount not specified) 364-day revolving credit facility agreement with Southern California Edison Company, a California-based regulated electric utility primarily serving Central, Coastal, and Southern California. The interest rate was LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes. While Bank of China contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A., Citibank, N.A., Mizuho Bank, Ltd., MUFG Bank, Ltd., Bank of America, N.A., Barclays Bank PLC, Credit Suisse AG (Cayman Islands Branch), BNP Paribas, Bank of Montreal (Chicago Branch), Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, and Truist Bank.

Staff comments

1. The entirety of the loan contract can be accessed at https://contracts.justia.com/companies/southern-california-edison-co-7750/contract/115911/ 2. Edison International (EIX) is a public utility holding company headquartered in Rosemead, California. Its principal subsidiary, Southern California Edison, provides electric services across much of Southern California. EIX has historically operated in both regulated and unregulated energy sectors. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in May 2020 and an applicable margin based on credit ratings (BBB- or 1.7%). 4. The individual contributions of the 13 lenders to this $1.5 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that each lender contributed an equal amount ($115384615.385 USD) to the loan syndicate.