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China Development Bank reschedules $70,800,011 loan to State Grid International Corporation — via one year principal payment deferment — in 2016 (Linked to Record ID#60076 and #106209)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | State Grid Brazil Holding S.A. (SGBH) |
| Country | Brazil |
| Start Date | Dec 31, 2016 |
| End Date | May 06, 2032 |
| Duration | 5,605 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 106208 |
Grant Description
On November 17, 2014, China Development Bank issued a $70,800,011 loan to State Grid Brazil Holding S.A. for its subsidiary Poços de Caldas Transmissora de Energia S.A. (PCTE). The loan has an interest rate of LIBOR + 2.85% (Nov. 2014 6 month LIBOR average + 2.85 = 3.177%).
Payment of principal and interest will be in 23 semiannual installments (June and December each year) beginning on December 2014 and with final maturity on September 4, 2025. In 2015, the company made payments as stipulated.
However, in June 2016, due to cash problems, the company failed to make the principal payment and only paid the interest.
Hence, the company and CDB entered into a debt rescheduling agreement in which they agreed to postpone the principal payment to June 2017 (Record ID#106208) In December 2016, the company made repayments to CDB as stipulated. In 2017, similarly, due to cash problems, the company failed to make the principal payment and only paid the interest.
The Company and CDB entered into another debt rescheduling agreement in which they extended the maturity from September 2025 to December 20, 2028 (Record ID#106029). The company made regular payments in December 2017, 2018 and 2019.
In 2020, the Company only made interest payments to CDB due to the pandemic: the Company had the option to skip the payment when facing an emergency as stipulated in the agreement. In July 2021, the Company made a payment to CDB.
However, on September 30, 2021, State Grid International Development signed a debt assumption agreement with State Grid Brazil Holding, the parent company, in which SGBH agreed to assume the remaining debt of R$ 213,328,009, hence eliminating the debt from SGID.
Sources & References
- State Grid Brazil Holdings S.A.
- RELATÓRIO DA ADMINISTRAÇÃO
- 服务和推进“一带一路”建设 实现金砖国家互惠共赢
- Offering Memorandum from State Grid Europe Development
- 中国能建中南院参与设计巴西美丽山水电特高压直流送出二期项目投运
- State Grid Brazil Holding S.A.Established
- State Grid Completes Transmission Line Tests at Belo Monte Plant
- First Overseas UHV DC Transmission Project Put into Operation Ahead of Schedule In Brazil
- 巴西美丽山±800千伏特高压直流输电一期工程投运
- Pocos de Caldas transmissora financial statements 2014
- Pocos de Caldas transmissora financial statements 2015
- Pocos de Caldas transmissora financial statements 2016
- Pocos de caldo financial statements 2017
- Pocos de caldo financial statements 2018, pocos de caldo financial statements 2019, pocos de caldo financial statements 2020, pcoos de caldo financial statements 2021 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
State Grid Brazil Holding S.A. (SGBH)
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