ICBC contributes $105.4 million USD to $4 billion USD 5-year revolving credit facility to FirstEnergy and its subsidiaries in the US for general corporate and debt refinancing purposes in 2016 (Linked to Record ID#110407, #110408 and #110409)

Project narrative

On December 6, 2016, financial close was reached on a deal in which a syndicate of banks — including ICBC — entered into two five-year syndicated revolving credit agreements and one five-year term loan with FirstEnergy Corp. (FE), a U.S.-based energy company headquartered in Akron, Ohio, engaged in the generation, transmission, and distribution of electricity. The first was a $4,000 million USD facility with FE and its subsidiaries The Cleveland Electric Illuminating Company (CEI), Metropolitan Edison Company (ME), Ohio Edison Company (OE), Pennsylvania Power Company (Penn), The Toledo Edison Company (TE), Jersey Central Power & Light Company (JCP&L), Monongahela Power Company (MP), Pennsylvania Electric Company (PN), The Potomac Edison Company (PE), and West Penn Power Company (WP) as borrowers. The second was a $1,000 million USD facility with FirstEnergy Transmission, LLC (FET), American Transmission Systems, Incorporated (ATSI), Mid-Atlantic Interstate Transmission, LLC (MAIT), and Trans-Allegheny Interstate Line Company (TrAIL) as borrowers. The maturity of all three loans is five years; the interest rate is LIBOR plus an applicable margin (margin not disclosed). The proceeds were used by the borrower for general corporate purposes. ICBC contributed $105.4 million USD to the $4 billion FE facility (Record ID#110405). While ICBC contributed to this loan, the following lenders also participated in the FE facility: Mizuho ($251.55m), JPMorgan ($244.25m), PNC ($244.25m), Bank of America ($237.25m), Bank of Tokyo-Mitsubishi UFJ ($237.25m), Citibank ($251.65m), Bank of Nova Scotia ($244.25m), Barclays ($244.25m), CoBank ($90.1m), Canadian Imperial Bank of Commerce ($125m), Goldman Sachs ($198.6m), Morgan Stanley Bank ($94.73m), Morgan Stanley Senior Funding ($103.87m), Sumitomo Mitsui Banking Corporation ($187m), TD Bank ($187m), U.S. Bank ($187m), KeyBank ($172.7m), Santander Bank ($152.3m), Fifth Third Bank ($129m), Bank of New York Mellon ($105.4m), Citizens Bank ($64.5m), Huntington National Bank ($47.1m), and First National Bank of Pennsylvania ($22.7m). For the $1 billion FET facility, ICBC provided $28.1 million USD (Record ID#110407; and other participants included: Mizuho ($44m), JPMorgan ($44m), PNC ($44m), Bank of America ($44m), Bank of Tokyo-Mitsubishi UFJ ($44m), Citibank ($44m), Bank of Nova Scotia ($44m), Barclays ($44m), CoBank ($175m), Canadian Imperial Bank of Commerce ($100m), Goldman Sachs ($38m), Morgan Stanley Bank ($18.11m), Morgan Stanley Senior Funding ($19.89m), Sumitomo Mitsui Banking Corporation ($38m), TD Bank ($38m), U.S. Bank ($38m), KeyBank ($50m), Santander Bank ($38m), Fifth Third Bank ($32.3m), Bank of New York Mellon ($28.1m), Citizens Bank ($16.1m), Huntington National Bank ($12.9m), and First National Bank of Pennsylvania ($5.6m). For the $1.2 billion term facility, ICBC provided $21.7 million USD (Record ID#110408); and other participants included: Mizuho, JPMorgan, PNC, Bank of America, Bank of Tokyo-Mitsubishi UFJ, Citibank, Bank of Nova Scotia, Barclays, CoBank, Canadian Imperial Bank of Commerce, Goldman Sachs, Morgan Stanley Bank, Morgan Stanley Senior Funding, Sumitomo Mitsui Banking Corporation, TD Bank, U.S. Bank, KeyBank, Santander Bank, Fifth Third Bank, Bank of New York Mellon, Citizens Bank, Huntington National Bank, and First National Bank of Pennsylvania. On October 19, 2018, the parties signed into first amendment for the $4 billion facility in which they reduced the commitment to $2.5 billion and extended the maturity by one year to December 5, 2022. ICBC’s contribution is recorded in Record ID#110409).