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Overview

ICBC (Europe) contributes €88.89 million EUR to a €800 million EUR syndicated revolving credit facility to Terna for its ongoing corporate operations

Commitments (Constant USD, 2023)$103,138,117
Commitment Year•2015Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalyOverseas Jurisdiction•LuxembourgSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 18, 2015
Last repayment (originally scheduled)
Dec 18, 2020

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

  • Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe))

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • BNP Paribas S.A.
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Société Générale S.A. (SocGen or Societe Generale)
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)
  • Unione di Banche Italiane S.p.A. (UBI Banca)

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Terna S.p.A.

Loan description

ICBC (Europe) contributes €88.89 million EUR to a €800 million EUR syndicated revolving credit facility to Terna for its ongoing corporate operations

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On December 18, 2015, a syndicate of nine banks — including the Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe)) — entered into a €800.00 million EUR ($867.36 million USD) syndicated revolving credit facility (RCF) agreement with Terna S.p.A. — an Italy-incorporated transmission system operator (TSO), the largest independent electricity transmission grid operator in Europe and controller of 99.7% of the Italian national transmission grid as of 2015, headquartered in Rome and listed on the Borsa Italiana with CDP RETI S.p.A. as its largest shareholder (29.851% stake) — for its ongoing corporate operations. The RCF carried a maturity period of five years and a final maturity date of December 18, 2020 and a variable interest rate based on EURIBOR plus a margin ranging from 0.70% to 1.10% depending upon the utilized portion of the available amount of the RCF. The proceeds were to be used by the borrower to finance its ongoing corporate operations and allow it liquidity to maintain its current rating level. Each lender contributed €88,888,888.8889 EUR ($96.37 million USD) to the loan syndicate. In addition to ICBC (Europe), the following lenders contributed to the loan syndicate: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), BNP Paribas S.A., Société Générale S.A. (SocGen), ING Bank N.V., Intesa Sanpaolo S.P.A., Royal Bank of Scotland (RBS), Unione di Banche Italiane S.p.A. (UBI Banca), and UniCredit S.p.A. All these lenders served as joint mandated lead arrangers and bookrunners. In 2019, the RCF was terminated.