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Overview

ICBC contributes €2.5 million EUR to the €20 million EUR working capital tranche of a €513 million EUR syndicated loan to Società Gasdotti Italia for refinancing purposes (Linked to Record ID#108183 and #108185)

Commitments (Constant USD, 2023)$2,486,629
Commitment Year•2022Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 8, 2022
Last repayment (originally scheduled)
Jun 8, 2027

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco BPM S.p.A.
  • BNP Paribas S.A.
  • BPER Banca S.p.A. (formerly Banca Popolare dell'Emilia Romagna S.C.)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Società Gasdotti Italia S.p.A. (SGI)

Loan description

June 2022 €513 million EUR syndicated loan to Società Gasdotti Italia for refinancing purposes in Italy

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 8, 2022, financial close was reached on a deal in which a syndicate of eight banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €513.00 million EUR ($547.82 million USD) syndicated loan agreement with Società Gasdotti Italia S.p.A. (SGI) — an Italy-incorporated and focused natural gas transmission and distribution services company jointly owned by Ontario Teachers’ Pension Plan Board (OTPP) (69.4% equity stake) and Swiss Life GIO II EUR Holding S.à r.l., a Luxembourg-incorporated subsidiary of Swiss Life Holding AG (30.6% equity stake) — for refinancing purposes. The loan carried a maturity period of five years and a final maturity date of June 8, 2027. The loan was divided into three tranches: a €300.00 million EUR ($320.36 million USD) term loan tranche; a €20.00 million EUR ($21.36 million USD) working capital tranche; and a €193.00 million EUR ($206.10 million USD) CAPEX tranche. The loan was considered to be a 'green' loan. The proceeds were used by the borrower to refinance €513 million EUR of its existing indebtedness and to finance its future capex plan. Each lender contributed €37.50 million EUR ($40.05 million USD) to the €300 million EUR term loan tranche, €2.50 million EUR ($2.67 million USD) to the €20 million EUR working capital tranche, and €24.12 million EUR ($25.76 million USD) to the €193 million EUR CAPEX tranche. Record ID#108183 captures ICBC's contribution to the €300 million EUR term loan tranche. Record ID#108184 captures ICBC's contribution to the €20 million EUR working capital tranche. Record ID#108185 captures ICBC's contribution to the €193 million EUR CAPEX tranche. In addition to ICBC, the following lenders contributed to the loan syndicate: Banco BPM S.p.A., BNP Paribas S.A., BPER Banca S.p.A., Canadian Imperial Bank of Commerce (CIBC), Crédit Agricole Corporate and Investment Bank (CACIB), Intesa Sanpaolo S.p.A., and Sumitomo Mitsui Banking Corporation (SMBC).

Staff comments

1. Società Gasdotti Italia operates over than 1,800 kilometers (1,118 miles) of high-pressure pipeline throughout central Italy, transporting gas to key urban and industrial centers.