# Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance), Division

Extent: E+W+S+N.I.

Table 16
Benchmark Information
1. Recent Limited Recourse Project Finance Bank Loans (Low Carbon Energy)
This table updates the one provided in Annex A of our responses dated 5 September 2014 to show the quantum of the commercial debt tranche distinct from the total debt quantum which, for certain projects, included export credit guaranteed or multilateral debt facilities.
Source: Commercial banks; InfraNews; InfraJournal
Project
Financial Close
Amount[Commercial Bank Tranche]
Tenor(Years)
Commercial Bank Loan Margin (6)
Government Support (7)
Gemini Offshore Wind
May 2014
EUR 2 000 m
[EUR 850 m]
14
300
SDE renewable subsidy (per MWh) from Dutch government Separate export credit facilities provided by EKF (Denmark), Euler Hermes (Germany) and Delcredere/Ducroire from Belgium
London Array Offshore Wind
Oct 2013
GBP 266 m
[GBP 266 m]
13
275
Renewables Obligation subsidy (per MWh) from UK Government Separate export credit facility provided by EKF (Denmark) for initial financing
Butendiek Offshore Wind
Feb 2013
EUR 950 m
[EUR 230 m]
8,5
300
Feed-in Tariff subsidy (per KWh) from German government Separate export credit facility provided by EKF (Denmark)
Westermost Rough Offshore Wind
Aug 2014
GBP 370 m
[GBP 197 m]
15
300
Renewables Obligation subsidy (per MWh) from UK Government
[…]
[…]
EUR 650 m
[EUR 650 m]
10
175-275
Finance from commercial banks only
Derbyshire Energy from Waste PFI
Aug 2014
GBP 145 m
[GBP 145 m]
25
315-320
Renewables Obligation subsidy (per MWh) from UK Government Local Authority payments for waste recycling
MEDIAN
300
SWAP SPREAD (8)
+ 13
(To convert from LIBOR margin to Gilt benchmark)
ILLIQUIDITY PREMIUM
– 50
MARKET INDICATION (9)
263
2. Corporate Debt (rated BB+) Spreads
Source: Bloomberg as at 21 August 2014 using BGN Source.
Issuer
Ticker
Coupon
Maturity
Amount
Rating
Tenor(years)
Current Spread (bp)
Government Support
Heathrow Airport
HTHROW
7,125 %
01/03/2017
GBP 325 m
NR/Ba3/BB+
3
231
Nil
Heathrow Airport
HTHROW
5,375 %
01/09/2019
GBP 275 m
NR/Ba3/BB+
5
253
Nil
Anglian Water
OSPRAQ
7,000 %
31/01/2018
GBP 350 m
NR/Ba3/BB+
3
290
Nil
Electricity North-West
NWENET
5,875 %
21/06/2021
GBP 80 m
BB+/NR/NR
7
274
Nil
Yorkshire Water
KEL
5,750 %
17/02/2020
GBP 200 m
BB–/NR/BB+
5
314
Nil
Enel SpA
ENELIM
7,75 %
10/09/2075
GBP 400 m
BB+/Ba1/BBB–
61
373
31,2 % owned by Government Ministry
Enel SpA
ENELIM
6,625 %
15/09/2076
GBP 500 m
BB+/Ba1/BBB–
62
367
Telecom Italia
TITIM
5,875 %
19/05/2023
GBP 400 m
BB+/Ba1/BBB–
9
281
Nil
Energias de Portugal
ELEPOR
8,625 %
04/01/2024
GBP 425 m
BB+/Ba1/BBB–
10
256
Nil
MEAN
293
ILLIQUIDITY PREMIUM
– 50
MARKET INDICATION
243
3. iTraxx Europe Crossover Series 21 Constituents Rated BB+/Ba1
Source: Markit; Bloomberg as at 21 August 2014 using CMAN Source.
Company
Ticker
Identifier
Rating
Tenor (Years)
CDS Flat Spread
ArcelorMittal
MT NA
CX375716
BB+/Ba1
10
347
EDP Energias de Portugal SA
EDP PL
CEPO1E10
BB+/Ba1
10
203
Finmeccanica SpA
FNC IM
CFME1E10
BB+/Ba1
10
285
HeidelbergCement AG
HEI GY
CHEI1E10
NR/Ba1
10
226
Lafarge SA
LG FP
CLAF1E10
BB+/Ba1
10
168
Telecom Italia SpA
TIT IM
CTII1E10
BB+/Ba1
10
281
Wendel SA
MF FP
CMWP1E10
BB+/NR
10
206
MEAN
245

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Source: https://www.legislation.gov.uk/eudn/2015/658/annex/B/division/1 (the official version)
Page: https://openlegislation.uk/eu-decision-2015-658/annex-B/division-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.