ICBC contributes $6.25 million USD to the $60 million USD revolver tranche of a $1.05 billion USD syndicated loan for 1,708 MW Edgewater Generation Portfolio Acquisition Project

Project narrative

On December 17, 2018, a syndicate of five lenders — including the Industrial and Commercial Bank of China (ICBC), Morgan Stanley, Citibank, Natixis, and Credit Suisse — entered into a secured $1.050 billion USD syndicated loan agreement with Spade Facilities II LLC — a special purpose vehicle (SPV) apparently renamed to Edgewater Generation LLC that was wholly-owned by Starwood Energy Group, LLC, a Connecticut-based energy infrastructure private investment firm — for the 1,708 MW Edgewater Generation Portfolio Acquisition Project. The loan was divided into three tranches: a $925.00 million USD term loan tranche with a maturity period of seven years and an interest rate of LIBOR plus a margin of 3.75%; a $60.00 million USD revolver tranche with a maturity period of five years; and a $65.00 million USD letter of credit tranche with a maturity period of five years. ICBC contributed $43.50 million USD to the $925 million USD term loan tranche, as captured by Record ID#107701. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: Citibank ($239.21 million USD), Credit Suisse ($239.21 million USD), Morgan Stanley ($239.21 million USD), and Natixis ($163.88 million USD). ICBC contributed $6.25 million USD to the $60 million USD revolver tranche, as captured by Record ID#109976. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: Citibank ($13.44 million USD), Credit Suisse ($13.44 million USD), Morgan Stanley ($13.44 million USD), and Natixis ($13.44 million USD). ICBC contributed $6.25 million USD to the $65 million USD letter of credit tranche. AidData does not consider letters of credit to be flows. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: Citibank ($14.69 million USD), Credit Suisse ($14.69 million USD), Morgan Stanley ($14.69 million USD), and Natixis ($14.69 million USD) The proceeds of the loan would cover a portion of Starwood's acquisition of 100% interest in two combined-cycle gas turbine assets, the 1240 MW Fairless Power Station in Pennsylvania and the 468 MW Manchester Street Power Station in Rhode Island from Dominion Energy. The acquisition deal was announced on September 24, 2018, for a total purchasing price, excluding working capital, of approximately $1.23 billion USD. The acquisition was expected to close at the end of December 2018. The acquisition closed on December 13, 2018. The 1240 MW Fairless Power Station was located in Fairless Hills, Pennsylvania, approximately 25 miles outside of Philadelphia. It was built in 2004. The 468 MW Manchester Street Power Station was located in Providence, Rhode Island. Together, the two combined-cycle, natural gas-fired power plants carried a total nameplate capacity of 1,708 MW.