Narrative
Full Description
Project narrative
On August 30, 2018, a syndicate of 11 lenders — including China Merchants Bank and the Industrial and Commercial Bank of China (ICBC) — entered into a $113.02 million USD syndicated loan agreement with Lincoln Peaking Power LLC — a United States-based limited liability company created for the 656 MW Lincoln Generating Facility and related power plant finance —to refinance the power plant. The loan facility includes a $35 million USD revolver tranche, $43.02 million USD term loan, and a $35 million USD letter of credit. The revolver and term loan each carried a maturity period of seven years, while the letter of credit carried a maturity period of one year. In addition to China Merchants Bank and ICBC, the following lenders also contributed to the syndicate: ABN AMRO Bank, CIT Bank, FirstBank Puerto Rico, GE Energy Financial Services, Investec Bank, Migdal Insurance and Financial Holdings, National Australia Bank, RBS Pension Trustee, and SunTrust Bank. Record ID#110421 captures China Merchants Bank's contribution to the $35 million USD revolver tranche. Record ID#110422 captures ICBC's contribution. Record ID#110423 captures China Merchants Bank's contribution to the $43.02 million USD term loan. Record ID#110424 captures ICBC's contribution. It appears that China Merchants Bank and ICBC contributed to the $35 million USD letter of credit, however, AidData does not consider letters of credit to be flows. The proceeds of the loan were used to refinance the 656 MW Lincoln Generating Facility (sometimes called the Lincoln Generation Facility), a combined heat and power (CHP) natural gas power station located in Manhattan, Will County in Illinois, United States. ArcLight Capital Partners first purchased a stake in Lincoln Peaking Power LLC in 2004. Then, Arclight wholly purchased the plant (and Lincoln Peaking Power LLC) along with six other power plants (a total of 4.8 GW) from a subsidiary of Tenaska, an Omaha-based independent energy company, in late 2015 or early 2016. Earthrise Energy purchased the Lincoln Power Generating Facility from Arclight in late 2022.
Staff comments
1.To estimate China Merchants Bank's and ICBC's contributions to the $35 million USD revolver tranche, AidData has assumed that each lender contributed equally to the $35 million USD revolver tranche ($35,000,000 / 11 = $3,181,818.18182). This issue merits further investigation. 2. To estimate China Merchants Bank's and ICBC's contributions to the $43.02 million USD term loan, AidData has assumed that each lender contributed equally to the $43.02 million USD term loan ($43,020,000/ 11 = $3,910,909.09091). This issue merits further investigation.