Narrative
Full Description
Project narrative
On October 21, 2015, the London Branch of the Bank of China (BOC) entered into a $75,000,000 USD bilateral revolving credit facility (RCF) agreement with InterContinental Hotels Group PLC (IHG) — a British multinational hospitality company — and Six Continents Limited and InterContinental Hotels Limited — two England and Wales-incorporated subsidiaries of IHG — for unspecified purposes. This loan carried a maturity period of approximately 4.444 years with two one-year extension options exercisable in 2016 and 2017, a final maturity date of March 30, 2020, and a variable interest rate. IHG, Six Continents, and InterContinental Hotels each issued guarantees in favor of this loan. Record ID#101695 captures this loan. As of December 31, 2015, the facility was undrawn. Then, in 2016, BOC London Branch entered into an amendment agreement with the borrowers; in this amendment agreement, the maturity period of the loan was extended by one year — to March 2021 for a new maturity period of 5.444 years — in line with the maturity extension option. Record ID#101697 captures this extension. As of December 31, 2016, the variable interest rate was 1.37%. Then, in 2017, BOC London Branch entered into an another amendment agreement with the borrowers; in this amendment agreement, the maturity period of the loan was extended by one year — to March 2022 for a new maturity period of 6.444 years — in line with the maturity extension option. Record ID#101698 captures this extension. As of December 31, 2017, the variable interest rate was 2.15%. Then, on April 28, 2022, a syndicate of 13 banks — including the London Branch of BOC — signed a $1,350,000,000 USD syndicated multi-currency revolving credit facility (RCF) agreement with InterContinental Hotels Group PLC, Six Continents Limited, and InterContinental Hotels Limited for general corporate and refinancing purposes. The RCF was available for drawdown in U.S. dollars, British pound sterling, and euros. This RCF carried a maturity period of five years with two one-year extension options, a final maturity date of April 28, 2027, an availability period from April 28, 2022 to one month before maturity, and an interest rate based on the applicable reference rate (either SOFR, SONIA, and EURIBOR depending on the currency of the drawing) and a margin linked to the long-term credit rating assigned to the senior unsecured and unsubordinated debt of IHG ranging from 0.50% to 1.00%. BOC contributed $135 million USD to the loan syndicate. Record ID#101689 captures BOC's contribution. The proceeds were used, in part, to replace and repay a $1.275 billion USD syndicated revolving facility dated March 30, 2015 and the $75,000,000 USD bilateral facility agreement dated October 21, 2015 between BOC London Branch, IHG, Six Continents, and InterContinental Hotels, with an irrevocable cancellation notice issued on April 28, 2022 and the facilities cancelled and prepaid in full upon the first utilization date of the $1.35 billion USD RCF.