Bank of China (Panama Branch) contributes to $1.54 billion syndicated loan to Mexico's Comisión Federal de Electricidad for debt refinancing and general corporate purposes

Project narrative

On December 20, 2022, Mexico's Comisión Federal de Electricidad signed a $1.54 billion syndicated revolving credit facility with a group of banks, including Bank of China Limited (Panama Branch) and Bank of China México S.A. IBM. The loan achieved financial close on January 19, 2023 and was guaranteed. It carried a term of 3 years (maturity: December 2025), with two 1-year extension options. It also carried an interest rate of term SOFR plus a 0.1% margin, plus another margin of 1.15%. The proceeds from the loan were to be used to refinance existing debt and for general corporate purposes. Bank of China Limited (Panama Branch) and Bank of China México S.A. IBM (as senior mandated lead arrangers) reportedly contributed $150 million to the credit facility. Other banks that contributed included Bank of America, BBVA, Credit Agricole (CIB), BNP Paribas, Mizuho Bank, and Sumitomo Mitsui Banking Corporation (all of which also contributed $150 million each); Banco Nacional de México (Banamex), HSBC, JP Morgan, MUFG Bank, and Scotiabank (all of which reportedly contributed $75 million each); Morgan Stanley and Santander (both of which reportedly contributed $50 million each); and Banco Monex (which reportedly contributed $15 million). Comisión Federal de Electricidad made the following drawdowns under the revolving credit line: $800 million over the period of January 2023 to March 2023; $400 million on October 12, 27 and November 30, 2023; $400 million on January 5, 8 and 9, 2024; $100 million on March 13, 2024; and $300 million on June 14, 2024.