Zheneng Jinjiang Environment secures $375.29m loan facility
The amounts borrowed under the facility will be used for the general corporate purposes of the group.
Waste-to-energy (WTE) operator Zheneng Jinjiang Environment Holding Company Limited has secured a US dollar syndicated term loan facility of up to $375.29m (US$270m) under a facility agreement with Standard Chartered Bank (Hong Kong) Limited, according to an announcement.
Zheneng Jinjiang notes that the availability limit of the facility at the date of the agreement is $288.98m (US$207.9m), which may be subsequently increased to not more than $375.29m (US$270m).
Further, the annual rate of interest under the facility is the aggregate of 1.92% per annum and the London interbank offered rate (LIBOR).
The amounts borrowed under the facility will be used for the general corporate purposes of the group, including the refinancing of the $277.98m (US$200m) in aggregate principal amount of 6% senior unsecured notes maturing on 27 July and any existing indebtedness of the group.
The facility may be utilised by Zheneng Jinjiang from the date of the agreement up to seven months, subject to certain conditions with the National Development and Reform Commission.
The outstanding loans under the facility are said to be repaid in instalments, with full repayment required by the date falling 36 months from the date of initial utilisation.
Standard Chartered Bank will be the original mandated lead arranger and bookrunner and agent of the finance parties.