Narrative
Full Description
Project narrative
On June 30, 2022, a syndicate of nine banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a €471.00 million EUR ($492.36 million USD) syndicated loan agreement with OLT Offshore LNG Toscana S.p.A. — an Italy-incorporated special purpose vehicle (SPV) jointly owned by Italian energy infrastructure company Snam S.p.A. (49.07% equity stake), Igneo Infrastructure Partners (48.24% equity stake), and Golar LNG Limited (2.69% equity stake) — for the OLT Offshore LNG Toscana Refinancing Project. The loan was divided into two tranches: a €421.00 million EUR ($440.09 million USD) term loan tranche with a maturity period of 12 years and two months (12.166 years) and a final maturity date of August 31, 2024; and a €50.00 million EUR ($52.27 million USD) revolver tranche with a maturity period of 11 years and two months (11.166 years) and a final maturity date of August 31, 2033. BOC contributed €48.40 million EUR ($50.59 million USD) and ICBC contributed €37.90 million EUR ($39.62 million USD) to the €421 million EUR term loan tranche. Record ID#109158 captures BOC's contribution. Record ID#109159 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the term loan tranche: Banco BPM S.p.A. (€44.90 million EUR; $46.94 million USD), Bayerische Landesbank (BayernLB) (€44.90 million EUR; $46.94 million USD), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (€53.50 million EUR; $55.93 million USD), Crédit Agricole Group (€53.50 million EUR), Intesa Sanpaolo S.p.A. (€53.50 million EUR), Société Générale S.A. (SocGen) (€53.50 million EUR), and Sumitomo Mitsui Banking Corporation (SMBC) (€30.90 million EUR; $32.30 million USD). BOC contributed €5.75 million EUR ($6.01 million USD and ICBC contributed €4.50 million EUR ($4.70 million USD) to the €50 million EUR revolver tranche. Record ID#109160 captures BOC's contribution. Record ID#109161 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the revolver tranche: Banco BPM (€5.33 million EUR; $5.57 million USD), BayernLB (€5.33 million EUR), BBVA (€6.35 million EUR; $6.64 million USD), Crédit Agricole Group (€6.35 million EUR), Intesa Sanpaolo (€6.35 million EUR), SocGen (€5.56 million EUR; $5.81 million USD), and SMBC (€3.67 million EUR; $3.84 million USD). The proceeds of the €421 million EUR term loan tranche were to be used by the borrower to refinance a borrower shareholder loan for the Offshore LNG Toscana, a Floating Storage Regasification Unit (FSRU) for liquefied natural gas (LNG) (a floating LNG terminal) with a maximum authorized regasification capacity of 3.75 billion standard cubic meters of gas and a gross storage capacity of 137,100 cubic meters located 22 kilometers offshore Tuscany, between Livorno and Pisa and to pay related transaction costs, while the proceeds of the €50 million EUR revolver tranche were to be used by the borrower for general corporate and working capital purposes related to it. The refinancing was implemented.