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Overview

Bank of China contributes to a £125 million GBP syndicated revolving credit facility to Anglian Water (Osprey) Financing for refinancing and general corporate purposes (Linked to Record ID#100121, #100122, and #100123)

Commitments (Constant USD, 2023)$24,985,653
Commitment Year•2015Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Water Supply And SanitationFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 27, 2015
Last repayment (originally scheduled)
Mar 31, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • BNP Paribas S.A.
  • HSBC Bank PLC
  • ING Group N.V.
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)

State-owned Banks

  • Royal Bank of Scotland (RBS)

State-owned Commercial Banks

  • ICBC (London) PLC

Receiving agencies

Private Sector

  • Anglian Water (Osprey) Financing PLC

Loan description

BOC and ICBC contribution to £125 million GBP syndicated revolving credit facility to Anglian Water (Osprey) Financing for refinancing and general corporate purposes in March 2015

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 27, 2015, a syndicate of eight banks — including the London Branch of the Bank of China and ICBC (London) plc — signed a £125,000,000 GBP ($185.35 million USD) syndicated multi-currency RCF with Anglian Water (Osprey) Financing PLC — an United Kingdom-incorporated financing company and wholly-owned subsidiary of Osprey Acquisitions Limited met for issuing and holding debt for the wider Anglian Water Group — refinancing and general corporate purposes. This loan carried a maturity period of five years and a final maturity date of March 31, 2020. The proceeds were to be used for the refinancing of an existing bank facility accrued by Osprey Acquisitions Limited and for general corporate purposes. Each lender, including BOC and ICBC, each contributed £15.62 million GBP ($23.16 million USD), to the loan syndicate. Record ID#100120 captures BOC's contribution. Record ID#100121 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: the London Branch of ING Group N.V., Royal Bank of Scotland (RBS), Barclays Bank Plc, HSBC Bank PLC, Lloyds Bank, and BNP Paribas S.A.. RBS served as agent. As of March 31, 2015, the borrower had drawn down £100 million GBP under the RCF to repay an existing loan. Then, in April 2015, it issued two bonds and used the excess proceeds of £100 million GBP to repay the £100 million GBP drawing on the £125 million GBP RCF, leaving the entire £125 million GBP of the facility available for drawdowns. As of March 31, 2016, this RCF was undrawn. On May 31, 2019, financial close was reached on a deal in which a syndicate of nine banks — including BOC and ICBC — entered into a £250.00 million GBP ($315.23 million USD) syndicated revolver loan agreement with Anglian Water (Osprey) Financing PLC for refinancing purposes. This loan carried a maturity period of five years and a final maturity date of May 31, 2024. The proceeds were to be used to refinance the £125 million GBP revolver accrued in March 2015. Each lender, including BOC and ICBC, contributed £27.78 million GBP ($35.03 million USD) to the loan syndicate. Record ID#100122 captures BOC's contribution. Record ID#100123 captures ICBC's contribution. As of March 31, 2020, the RCF was undrawn.