ICBC contributes to $1.26 billion syndicated loan to Mexico's Comisión Federal de Electricidad to finance an existing revolving credit facility and for other general corporate purposes

On July 31, 2018, Comisión Federal de Electricidad (CFE) — the state-owned electric utility of Mexico — signed a $1,260,000,000 senior, unsecured, syndicated revolving loan facility agreement with a syndicate of 12 banks (including BNP Paribas, Citibank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Bank of America, BBVA Bancomer S.A., Institucion de Banca Multiple Grupo Financiero BBVA Bancomer, Deutsche Bank AG New York Branch, Industrial and Commercial Bank of China Limited, and MUFG Bank). Mizuho Bank, Ltd. acted as the administrative agent for the syndicate. The loan carried a 5-year maturity an an interest rate of LIBOR plus a 0.95% margin. The borrower was authorized to use the proceeds from the facility (by borrowing, repaying, and re-borrowing from the facility) for (i) general corporate purposes, and (ii) to refinance in full its repayment obligations under a 2013 credit agreement and (ii) for other general corporate purposes. The first drawdown (borrowing) from the facility took place on occurred on August 16, 2018. Then, on March 9, 2021, CFE (the borrower) made another drawdown worth $599.7 million.

Additional details

1. The Comisión Federal de Electricidad (CFE) is the state-owned electric utility of Mexico, widely known as CFE. It is the country's dominant electric company, and the country's second most powerful state-owned company after Pemex. 2. AidData has estimated the all-in interest rate by adding a 0.95% margin to the 6-month LIBOR rate in July 2018 (2.520%). 3. The size of ICBC’s contribution to the syndicate is unknown. For the time being, AidData assumes that all members of the syndicate made equal financial contributions

Number of official sources

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