Narrative
Full Description
Project narrative
On February 4, 2021, financial close was reached on a deal in which a syndicate of nine banks — including the Industrial and Commercial Bank of China (ICBC) — provided a £1.635 billion GBP ($2.22521 billion USD) syndicated loan with European Diversified Infrastructure Fund III (EDIF III) — a London-headquartered infrastructure fund managed by Australia's First State Investments (also known as First Sentier) — for the acquisition of Wheelabrator Technologies' United Kingdom waste-to-energy business. This loan was divided into three tranches: a £1.135 billion GBP ($1.54472 billion USD acquisition term loan tranche with a maturity period of five years and a maturity date of February 4, 2026, £450.00 million GBP ($612.44 million USD) acquisition term loan tranche with a maturity period of five years and a maturity date of February 4, 2026, and a £50.00 million GBP ($68.05 million USD) revolver tranche with a maturity period of five years and a maturity date of February 4, 2026. All nine lenders, including ICBC, each contributed £126.11 million GBP to the £1.135 billion GBP acquisition term loan tranche, £50.00 million GBP to the £450 million GBP acquisition term loan tranche, and £5.56 million GBP ($7.56 million USD) to the £50 million GBP revolver tranche, except Crédit Agricole Group, which contributed double of the lenders (i.e. £100 million GBP instead of £50 million GBP to the £450 million GBP tranche, etc. for each of the three tranches). In addition to ICBC, the following lenders contributed to the loan syndicate: Crédit Agricole Group, Banco Santander, MUFG Bank, Canadian Imperial Bank of Commerce (CIBC), National Australia Bank Limited (NAB), HSBC Bank PLC, and Barclays Bank PLC. Record ID#99139 captures ICBC's £126.11 million GBP contribution to the £1.135 billion GBP acquisition term loan tranche. Record ID#99140 captures ICBC's £50.00 million GBP contribution to the £450 million GBP acquisition term loan tranche. Record ID#99141 captures ICBC's contribution £5.56 million GBP to the £50 million GBP revolver tranche. In November 2020, EDIF III agreed to purchase the assets from fund Macquarie Infrastructure Partners IV. Financial close on the acquisition was held on February 4, 2021. Wheelabrator's UK assets included a 50% stake in 80 MW Ferrybridge Multifuel 1 (FM1), a 50% stake in 70 MW Ferrybridge Multifuel 2 (FM2), the 50 MW Wheelabrator Kemsley CHP, and 19 MW Wheelabrator Parc Adfer PPP, and two pipeline projects 42 MW Kemsley North and 45 MW Skelton Grange.