Narrative
Full Description
Project narrative
In late April 2014, a syndicate of 11 lenders — including the Bank of China (BOC) — signed a €980 million EUR syndicated loan agreement with FUNKE Mediengruppe GmbH & Co. KGaA — a privately-held German media group headquartered in Essen, North Rhine-Westphalia that is Germany's third-largest newspaper and magazine publisher — for unspecified purposes. This loan consisted of three tranches: a €730 million EUR tranche with a maturity period of four years, a €150 million EUR term facility tranche with a maturity period of two years, and a €100 million EUR revolving credit facility (RCF) tranche with a maturity period of four years. Record ID#101479 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: UniCredit S.p.A., Bayerische Landesbank (BayernLB), Commerzbank AG, HSBC Bank, HSH Nordbank AG, Norddeutsche Landesbank Girozentrale (NORD/LB), IKB Deutsche Industriebank AG, Landesbank Baden-Württemberg (LBBW), Sparkasse Essen, and M. M. Warburg & CO (AG & Co.) KGaA. Then, on April 22, 2016, a syndicate of 11 lenders — including BOC — entered into an amendment-and-extension (amend-and-extend) agreement with Funke Mediengruppe; in this agreement, the €980 million EUR syndicated loan's face value was reduced by €150 million EUR to €830 million EUR, its three tranches adjusted to a €580 million EUR term facility tranche, a €200 million EUR term facility tranche, and a €50 million EUR RCF tranche, all of which had a maturity period of five years. This is, in effect, an extension of three years for the €730 million EUR tranche, albeit reduced by €150 million EUR (a new maturity period of seven years), an extension of five years for the €150 million EUR term facility tranche, with an up-sizing of €50 million EUR (a new maturity period of seven years), and an extension of three years for the €100 million EUR RCF, albeit reduced to €50 million EUR (a new maturity period of seven years). Record ID#101480 captures BOC's contribution to this debt rescheduling. All of the lenders of the original 2014 loan participated in the 2016 amend-and-extend except M.M. Warburg, which was replaced by National-Bank AG as a lender. UniCredit served as bookrunner. BayernLB, Commerzbank, HSBC, HSH Nordbank, and NORD/LB served as mandated lead arrangers. BOC, IKB Deutsche Industriebank, LBBW, National-Bank, and Sparkasse Essen served as participants.
Staff comments
1. The individual contributions of the 11 lenders to this €980 million EUR syndicated loan is unknown. For the time being, AidData has assumed that each lender contributed to each tranche. Therefore, for the time being, AidData has estimated the contribution of BOC by assuming that each contributed equally (€89,090,909.0909 EUR) to the loan syndicate. 2. As it is unclear whether BOC contributed to each of these three tranches, for the time being, AidData has coded the maturity period of this record by taking the average of the maturities of the three tranches {[(4 + 2 + 4) / 3] = 3.333 years}.