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Overview

ICBC (Asia) contributes £9.73 million GBP to the second £126.52 million GBP term loan tranche of a £404.87 million GBP syndicated loan for the 3960 MW Drax Power Station 2012 Refinancing Project (Linked to Record ID#99095 and #99097)

Commitments (Constant USD, 2023)$16,715,667
Commitment Year2012Country of ActivityUnited KingdomDirect Recipient Country of IncorporationUnited KingdomOverseas JurisdictionHong Kong (China)SectorEnergyFlow TypeLoan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 10, 2012
Last repayment (originally scheduled)
Dec 9, 2016

Geospatial footprint

Map overview

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The proceeds of this loan were to be used by the borrower to refinance the Drax Power Station, a 3960 MW coal-fired plant located in Selby, North Yorkshire, England. More detailed locational information can be found at https://www.openstreetmap.org/way/34383063

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Barclays Bank PLC
  • Canadian Imperial Bank of Commerce (CIBC)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Deutsche Bank AG
  • Goldman Sachs Group, Inc.
  • HSBC Bank PLC
  • ING Group N.V.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • UniCredit Bank AG

State-owned Banks

  • Royal Bank of Scotland (RBS)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Drax Finance Limited
  • Drax Power Limited

Loan desecription

ICBC (Asia) contribution to tranches of £404.87 million syndicated loan for the 3960 MW Drax Power Station 2012 Refinancing Project in the United Kingdom in December 2012

Interest typeUnknownMaturity4 years

Narrative

Full Description

Project narrative

On December 10, 2012, financial close was reached on a deal in which a syndicate of 13 banks — including the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — entered into a £404.87 million GBP ($650.71 million USD) syndicated loan agreement with Drax Finance Limited and Drax Power Limited — two special purpose vehicles (SPVs) owned by British power generator company Drax Group plc — for the 3960 MW Drax Power Station 2012 Refinancing Project. This loan was divided into three tranches: a £126.52 million GBP ($203.25 million USD) term loan tranche with a maturity period of four years, a £126.52 million GBP term loan tranche with a maturity period of four years, and a £151.82 million GBP ($244.01 million USD) term loan tranche with a maturity period of four years. The proceeds of this loan were to be used by the borrower to refinance the Drax Power Station, a 3960 MW coal-fired plant located in Selby, North Yorkshire, England. All 13 lenders, including ICBC (Asia), contributed £9.73 million GBP ($15.64 million USD) to both £126.52 million GBP tranches. Record ID#99095 and #99096 capture ICBC (Asia)'s contribution to those tranches. All 13 lenders, including ICBC (Asia), also contributed £11.68 million GBP ($18.77 million USD), to the £151.82 million GBP tranche. Record ID#99097 captures ICBC (Asia)'s contribution to that tranche. In addition to ICBC (Asia), the following lenders contributed to the loan syndicate: Bank of America N.A., Crédit Agricole Group, ING Group N.V., Royal Bank of Scotland (RBS), UniCredit AG, Deutsche Bank AG, JPMorgan Chase & Co., Barclays Bank plc, HSBC Bank PLC, Lloyds Bank plc, Canadian Imperial Bank of Commerce (CIBC), and Goldman Sachs Group, Inc. Then, on December 8, 2015, a syndicate of 11 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a £400.00 million GBP ($601.88 million USD) revolver syndicated loan agreement with Drax Power Limited — a special purpose vehicle (SPV) owned by British power generator company Drax Group plc — for the 3960 MW Drax Power Station 2015 Refinancing Project. This loan carried a maturity period of four years and a final maturity date of December 8, 2019. he proceeds of this loan were to be used by the borrower to refinance the Drax Power Station, a 3960 MW coal-fired plant located in Selby, North Yorkshire, England, including the previous 2012 £404.87 million GBP syndicated loan. All 11 lenders, including ICBC, contributed £36.36 million GBP ($54.72 million USD) to the loan syndicate. Record ID#99099 captures ICBC's contribution.