China Construction Bank contributes to EUR 1.2 billion syndicated lending facility to Faurecia for debt refinancing

Project narrative

On June 24, 2016, a syndicate of lenders -- including China Construction Bank -- signed an EUR 1.2 billion agreement to "amend and extend" French automotive part maker Faurecia's December 2014 EUR 1.2 syndicated credit facility. The new agreement extends the previous facility's maturity from December 15, 2019 to June 24, 2021, for a new maturity of five years from the date of the agreement. Other lending details, including interest rates, are unknown. Included in the facility is one covenant: a requirement that the company's net debt/EBITDA ratio remain under 2.50. The facility served as Faurecia's back-up credit line and was 100% undrawn as of December 2017. The facility was further amended and extended in June 2018, though it is unclear whether China Construction Bank remained part of the lending syndicate. BNP Paribas, Crédit Industriel and Commercial, Commerzbank, Crédit Agricole, HSBC, Natixis, and Société Générale served as mandated lead arrangers and bookrunners. Bank of Tokyo Mitsubishi UFJ, Citi, and Santander served as arrangers. Banco do Brasil and J.P.Morgan served as arrangers. Banco de Sabadell, Bankinter, CCB, Helaba, and Raiffeisen Bank International served as co-arrangers.