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Overview

Bank of China contributes €46.54 million EUR to a €605 million EUR syndicated term loan to refinance debt associated with CVC Capital Partners' stake in Exolum

Commitments (Constant USD, 2023)$50,322,242
Commitment Year•2023Country of Activity•SpainDirect Recipient Country of Incorporation•LuxembourgSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 10, 2023

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ABANCA Corporación Bancaria, S.A. (formerly Novacaixagalicia)
  • Banco Cooperativo Español, S.A.
  • Banco de Sabadell, S.A.
  • Banco Pichincha
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • ING Bank N.V.
  • La Caja de Canarias
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)
  • Unicaja Banco S.A

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Servet Investments, S.à.r.l.

Loan description

2023 syndicated €605 million EUR term loan from BoC and others to refinance debt associated with CVC Capital Partner's stake in Exolum

Interest type•Unknown

Narrative

Full Description

Project narrative

On July 10, 2023, financial close was reached on a deal in which a syndicate of at least 13 lenders — including the Bank of China (BOC) — entered into a €605.00 million EUR ($662.66 million USD) syndicated term loan agreement with Servet Investments, S.à.r.l. — a Luxembourg-incorporated special purpose vehicle (SPV) wholly owned by Luxembourg-based private equity firm CVC Capital Partners — to refinance debt associated with its acquisition of a stake in Exolum. The proceeds were to be used by the borrower to refinance debt used for CVC Capital Partner's acquisition of a 24.84% stake in Spanish multinational transportation and storage oil products Exolum Corporation, S.A.. Each lender, including BOC, contributed €46.54 million EUR ($50.97 million USD) to the loan syndicate. In addition to BOC, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A., Banco Cooperativo Español, Banco de Credito Cooperativo, Banco Pichincha, Banco Sabadell, ING Bank N.V., La Caja de Canarias, Natixis, Banco Santander S.A., Société Générale S.A (SocGen), Unicaja Banco, and at least one other unknown institution.