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Overview

Bank of China contributes £45 million GBP to a £450 million GBP syndicated revolving credit facility for the Eversholt UK Rails Group Refinancing Project

Commitments (Constant USD, 2023)$52,495,507
Commitment Year•2022Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2022
Last repayment (originally scheduled)
Nov 27, 2027

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Canadian Imperial Bank of Commerce (CIBC)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • HSBC Bank PLC
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Royal Bank of Canada (RBC)
  • Toronto-Dominion Bank (TD Bank Group)

State-owned Banks

  • National Westminster Bank Plc (NatWest)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Eversholt Funding plc (EFP)

Loan description

Bank of China contributes £45 million GBP to a £450 million GBP syndicated revolving credit facility for the Eversholt UK Rails Group Refinancing Project

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On November 1, 2022, financial close was reached on a deal in which a syndicate of 10 banks — including the Bank of China (BOC) — entered into a £450,000,000 GBP ($517.72 million USD) syndicated revolving credit facility (RCF) agreement with Eversholt Funding plc (EFP) — an England and Wales-incorporated special purpose vehicle (SPV) and financing vehicle wholly owned by Eversholt Finance Holdings Limited for British rolling stock company Eversholt UK Rails Group, which is wholly owned by Hong Kong-based CK Infrastructure Holdings Limited (CKI) — for the Eversholt UK Rails Group Refinancing Project. This loan carried a maturity period of five years with a two-year extension period, a final maturity date of November 27, 2027, and interest rate based on SONIA plus an unspecified margin. The proceeds were to be used by the borrower for refinancing purposes; it replaced a £600 million GBP RCF. As of December 31, 2022, the facility was undrawn.