Narrative
Full Description
Project narrative
On June 20, 2022, financial close was reached on a deal in which a syndicate of four banks — including Bank of China (BOC), Canadian Imperial Bank of Commerce (CIBC), Intesa Sanpaolo S.p.A., and National Westminster Bank Plc (NatWest) — entered into a €925.00 million EUR ($973.44 million USD) syndicated loan agreement with Green BidCo S.p.A. — an Italy-incorporated special purpose vehicle (SPV) wholly owned by Cayman Islands-incorporated IIF Int’l Acquisitions Ltd, of Infrastructure Investment Fund (IIF), an investment vehicle advised by J.P. Morgan Investment Management Inc. — to finance the acquisition of a 100% stake in Falck Renewables S.p.A. The loan was divided into a €600.00 million EUR ($631.42 million USD) term loan tranche with a maturity period of seven years and a final maturity date of June 20, 2029; and a €325.00 million EUR ($342.02 million USD) revolver tranche with a maturity period of five years and a final maturity date of June 20, 2027. Each lender, including BOC, contributed €150.00 million EUR ($157.86 million USD) to the €600 million EUR term loan tranche and €81.25 million EUR ($85.51 million USD) to the €325 million EUR revolver tranche. Record ID#108682 captures BOC's contribution to the €600 million EUR term loan. Record ID#108683 captures BOC's contribution to the €325 million EUR revolver. The proceeds were used by the borrower to finance the acquisition of a 100.00% equity stake in Falck Renewables S.p.A., an Italy-incorporated company headquartered in Milan and listed on the Borsa Italiana that develops, designs, builds and manages renewable power production plants, with an installed capacity of 1,320 MW (1,283 MW according to the IFRS 11 reclassification) in the United Kingdom, Italy, United States, Spain, France, Norway and Sweden, using wind power, solar power, WtE and biomass technologies, with a renewable energy technical advisory and asset management services business via its wholly owned subsidiary Vector Renewables, and an energy management and downstream services business, from its owner Italian energy company Falck. IIF Int’l Acquisitions Ltd. entered into a sale and purchase agreement with Falck for its entire 60% interest on October 19, 2021 for €8.81 EUR ($10 USD) per share. The acquisition was expected to close in the first quarter of 2022. The acquisition closed on February 24, 2022. The acquisition triggered a mandatory cash tender offer for the remaining 40% share capital at closing. The acquisition of over 95% shares of Falck Renewables from the offer was achieved by May 10, 2022, with a squeeze-out (giving IIF 100%) was completed on May 18, 2022. In November 2022, Falck Renewables rebranded as Renantis.
Staff comments
1. AidData has assumed that Green BidCo S.p.A., as the SPV specifically involved in acquiring the company, was the borrowing institution or an affiliate of it.