Narrative
Full Description
Project narrative
On May 14, 2021, a USD 500 million syndicated bridge loan between eight banks and Servicios Compresión de Ca-Ku-A1, S.A.P.I de C.V— a special purpose vehicle and joint venture of a subsidiary of ACS Group — achieved financial close. The participating banks in the syndicate included Banco Finantia, Bank of China, Banorte, BBVA, CaixaBank, Citigroup, Intesa Sanpaolo, and MUFG Bank. Bank of China contributed USD 70 million to the loan. Furthermore, the majority of the loan's borrowing terms are unknown, with the exception of its three-year maturity period. The purpose of the bridge loan facility is to finance the CA-KU-A1 Gas Compression Station, which is a greenfield 450MMcf/d offshore natural gas compression station located on the Ku-Maloob-Zaap ("KMZ") oilfield in the Bay of Campeche in Mexico. Dragados Offshore Mexico is responsible for engineering, procurement, construction, installation, operations, and maintenance of the station. A year earlier, Bank of China also contributed to a 10-year USD 403.8 million syndicated loan agreement for the CA-KU-A1 Gas Compression Station. This commitment is captured in Record ID #92615.
Staff comments
1. Servicios Compresión de Gas Ca-Ku-A1 S.A.P.I. de C.V. is a special purpose vehicle and joint venture of a subsidiary of ACS Group— (Dragados Offshore de México, Dragados Offshore, Cobra Instalaciones y Servicios, Dragados Industrial and Avanzia Instalaciones) [95% equity stake] and CKA1 Holdings [5% equity stake] —involved with the Cakua Offshore Gas Compression Station Project. It is a company established in Mexico City that provides engineering and construction solutions for the Mexican oil industry. 2. CKA1 Holdings is a wholly-owned subsidiary of Atlantica Yield. 3. DLA Piper acted as legal adviser to the lenders for the transaction.