Narrative
Full Description
Project narrative
On April 13, 2016, financial close was reached on a deal in which a syndicate of eight banks — including ICBC — entered into a $200 million USD revolving credit facility with APLP Holdings Limited Partnership — a Canadian-based subsidiary of Atlantic Power Corporation, which owns and operates a diverse fleet of power generation assets across North America. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt repayment and general corporate purposes. While ICBC contributed $50 million USD to this loan, the following lenders also participated: Goldman Sachs Lending Partners LLC ($30 million USD), Goldman Sachs Bank USA ($0 USD), Bank of America, N.A. ($0 USD), Bank of America, N.A., Canada Branch ($30 million USD), Wells Fargo Bank, N.A. ($30 million USD), Union Bank, Canada Branch ($30 million USD), and Royal Bank of Canada ($30 million USD). This loan was guaranteed by a broad group of affiliated entities including Atlantic Power Limited Partnership, AP (Curtis Palmer) LLC, AP Power Holdings Inc., AP USGP Holdings LLC, APDC Inc., Applied Energy LLC, Atlantic Power (Coastal Rivers) Corporation, Atlantic Power Energy Services (Canada) Inc., Atlantic Power Energy Services (US) LLC, Atlantic Power Enterprises LLC, Atlantic Power FPLP Holdings LLC, Atlantic Power Generation Inc., Atlantic Power GP Inc., Atlantic Power GP II Inc., Atlantic Power Holdings Inc., Atlantic Power Preferred Equity Ltd., Atlantic Power Transmission Inc., Atlantic Power (US) GP, Atlantic Power (US) GP Holdings Inc., Atlantic Power USA LLC, Atlantic Power USA Holdings LLC, Atlantic Power USA Ventures LLC, Atlantic Power (Williams Lake) Ltd., Curtis/Palmer Hydroelectric Company L.P., Curtis Palmer LLC, EF Kenil Worth LLC, EF Oxnard LLC, Frederickson Power Management Inc., Manchief Inc., Manchief Holding LLC, Manchief Power Company LLC, and Morris Cogeneration LLC.
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1419242/000110465916111259/a16-8385_1ex10d1.htm 2. APLP Holdings Limited Partnership is a wholly owned subsidiary of Atlantic Power Corporation, a Canadian power generation company. In 2021, Atlantic Power was acquired by I Squared Capital, a global infrastructure investment firm headquartered in Miami, Florida, with a portfolio in energy, transport, and digital infrastructure. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in April 2016 and an applicable margin of 4%.