China Construction Bank contributes to a £400 million GBP syndicated revolving credit facility to 3i Group for refinancing purposes

Project narrative

In March 2020, a syndicate of 13 banks — including China Construction Bank Corporation (CCB) and the Industrial and Commercial Bank of China (ICBC) — signed a £400 million GBP syndicated multi-currency revolving credit facility (RCF) agreement with 3i Group plc — a British multinational private equity and venture capital firm — for refinancing purposes. This loan carried a maturity period of five years and a two years' extension option and no financial covenants. 3i had the right to seek additional lending commitments to increase the RCF to £500 million GBP, provided that the existing lenders had a right of first refusal. Record ID#100007 captures CCB's contribution. Record ID#100008 captures ICBC's contribution. In addition to the two Chinese state-owned banks, the following lenders contributed to the loan syndicate: ABN Amro Bank NV, Barclays Bank PLC, Citibank N.A., Deutsche Bank, ING Bank N.V., Coöperatieve Rabobank U.A, Sumitomo Mitsui Banking Corporation (SMBC), Banco de Sabadell S.A., Goldman Sachs Group, Inc., Royal Bank of Canada (RBC), and Société Générale S.A. (SocGen). CCB, ICBC, ABN AMRO, Barclays, Citibank, Deutsche Bank, ING Bank, Rabobank, and SMBC served as bookrunners. Banco Sabadell, Goldman Sachs, RBC, and SocGen joined in syndication in junior roles. This loan was oversubscribed from its £350 million GBP target. As of March 31, 2020, this RCF was undrawn. Between April 1, 2020 and March 31, 2021, the lending syndicate — including CCB and ICBC — entered into an amendment agreement with 3i; in this amendment, the lenders extended the maturity period by one year (a new maturity period of six years) and a new final maturity date of March 2026. Projects ID#100009 and #110893 capture ICBC and CCB's contribution to this debt restructuring. Additionally, the face value of the RCF was increased to £100 million GBP to £500 million GBP, although it is unclear whether this was due to the addition of new lenders or an increase in contributions from the existing lenders. As of March 31, 2021, this RCF was undrawn. Between April 1, 2021 and March 31, 2022, the lending syndicate — including CCB and ICBC — entered into an amendment agreement with 3i; in this amendment, the lenders extended the maturity period by one year (a new maturity period of seven years) and a new final maturity date of March 2027. Projects ID#100010 and #110894 capture ICBC and CCB's contribution to this debt restructuring. As of March 31, 2022, the RCF was undrawn. Between April 1, 2022 and March 31, 2023, 3i entered into a new two-year £400 million GBP tranche in addition to its £500 million GBP, although it is unclear whether the existing lenders or new lenders provided this loan. As of March 31, 2023, the RCF was undrawn