Bank of China contributes $155 million to $1.56 billion syndicate for Sur de Texas-Tuxpan natural gas pipeline shareholder loan refinancing

Bank of China contributes to USD 1.56 billion syndicate for Sur de Texas-Tuxpan natural gas pipeline shareholder loan refinancing On September 14, 2022, Infraestructura Marina del Golfo (IMG) -- a special purpose vehicle and joint venture of TC Energy Corporation (60%) and IEnova (40%, Sempra Energy's Mexican subsidiary) that designed, engineered, built, owns, and operates the Sur de Texas-Tuxpan natural gas pipeline -- signed an unsecured $1.56 billion syndicated loan agreement with a group of 10 banks in order to refinance shareholder loans.

Bank of China contributed $155 million to the syndicate.

Other participating banks included Bank of Montreal, BBVA, Citigroup, HSBC, JP Morgan, Mizhuo Financial Group, Scotiabank, Sumitomo Mitsui Banking Corporation, and Truist Bank.

The Sur de Texas-Tuxpan natural gas pipeline is an approximately 770 km private marine natural gas pipeline that runs under the Gulf of Mexico and supplies natural gas to the Tamaulipas and Veracruz states. Its northernmost point is at the Port of Brownsville, Texas, in the United States.

It began commercial operations in September 2019 and has its full capacity committed to Mexico's Federal Electricity Commission (CFE) under a 35-year transportation services agreement.