The Federal electricity commission (CFE) completed the renewal of its Revolving Syndicated Loan (CSR), for an amount of 1,540 million dollars, a figure that represents an increase of 22.2% compared to the previous similar loan, signed in July 2018 for the amount of 1,260 million dollars.
In accordance with the Global Funding Proposal for Fiscal Year 2023 approved by the Board of Directors, and with the objective of strengthening its operational and financial position in the short and medium term, this transaction was finalized on January 6 to have resources to finance its commitments, operations and projects.
The credit is a line committed for a term of three years, which may be optionally extended for up to two more years, for a total term of five years. The financial terms and conditions are competitive when presenting an interest rate of adjusted SOFR plus 115 basis points.
The resources may be used to develop the activities provided for in the Federal Electricity Commission Lawas well as to achieve the objectives and goals established in the 2023-2027 Business Plan, according to the state electricity company.
16 national and international financial institutions participated in the transaction, six of which are listed as joint leaders under the Joint Lead Arranger and Joint Bookrunner scheme: Bank of America; BBVA Mexico; BNP Paribas; Mizuho Bank; Credit Agricole Corporate and Investment Banking, and Sumitomo Mitsui Banking Corporation.
For its part, Credit Agricole Corporate and Investment Banking has the role of Managing Agent. The other banks that participated are: Bank of China Limited (Panama Branch) and Bank of China México, as Senior Mandated Lead Arrangers. Banco Nacional de México also participated; JP Morgan Chase Bank; HSBC Mexico; MUFG Bank, and The Bank of Nova Scotia, acting as Coordinators (Managers). They completed the Santander Mexico operation; Morgan Stanley; and Banco Monex, in their capacity as participants.
“In the current economic and financial situation of uncertainty, characterized by increases in fuel prices and inflationary levels, the CFE has a fundamental role in mitigating the impact of general price increases on the purchasing power of users of electric power, particularly for low-income families and households in Mexico,” stated the CFE“with these actions, the company is strengthened to face the challenges in the energy sector both in the country and in the North American region, and ensures its operational and financial viability with a focus on environmental preservation and inclusion in development of all the inhabitants of the country.
The state electricity company highlighted that during the first half of this year, this operation will move towards a sustainable funding scheme “Sustainability Linked”, based on performance indicators in environmental and social matters by the State Productive Company, associated with the objectives in the matter provided for in the 2023-2027 Business Plan. In this way, the CFE seeks to contribute significantly to the sustainable development of the country, and help the Government of Mexico to achieve the goals that it has committed to in environmental and social matters before different international instances. Likewise, by complying with the metrics established in environmental and social matters, the CFE will be able to reduce the financial cost of the CSR as the established goals are met.
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