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.