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Overview

Bank of China contributes to a £284 million GBP syndicated revolving credit facility to Capita plc for unspecified purposes

Commitments (Constant USD, 2023)$50,430,049
Commitment Year•2023Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2023
Last repayment (originally scheduled)
Dec 31, 2016

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • Citibank, N.A.
  • ING Bank N.V.
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Standard Chartered Bank PLC

State-owned Banks

  • National Westminster Bank Plc (NatWest)

Receiving agencies

Private Sector

  • Capita plc

Loan description

Bank of China contributes to a £284 million GBP syndicated revolving credit facility to Capita plc for unspecified purposes

Interest type•UnknownMaturity•3.5 years

Narrative

Full Description

Project narrative

In June 2023, a syndicate of seven banks — including the London Branch of the Bank of China (BOC) — entered into an amendment agreement for a £284 million GBP revolving credit facility (RCF) with Capita plc — a London, England-headquartered international business processing outsourcing company listed on the London Stock Exchange — for unspecified purposes. The amendment extended the maturity of the RCF to December 31, 2026 (a maturity period of approximately 3.5 years), a maturity extension of 28 months (2.333 years) from the original final maturity date of August 31, 2024. The RCF would reduce from £284 million GBP to £250 million GBP by January 1, 2025. BOC London Branch and Standard Chartered Bank PLC joined the loan syndicate with this amendment. In addition to BOC and Standard Chartered, the lending syndicated consisted of the following five existing lenders: Barclays Bank PLC, Lloyds Bank Plc, National Westminster Bank plc (NatWest), the London Branch of Citibank, N.A., and the London Branch of ING Bank N.V. Barclays Bank served as coordinator. As of June 30, 2023, £41.0 million GBP was drawn under this RCF.

Staff comments

1. The individual contribution of the seven lenders to this £284 million GBP syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (£40,571,428.5714 GBP) to the syndicated loan. 2. While this was an amendment agreement, BOC joined as a lender to the loan as a consequence of the amendment. As a result, AidData has coded the loan terms as if the loan was originated in June 2023 when BOC joined.