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Overview

Bank of China contributes €40 million EUR to the €400 million EUR term loan tranche of a €1.7 billion EUR syndicated loan to Bolloré for refinancing purposes (Linked to Record ID#101877 and #101879)

Commitments (Constant USD, 2023)$47,492,513
Commitment Year•2018Country of Activity•FranceDirect Recipient Country of Incorporation•Europe, regionalSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 31, 2018
Last repayment (originally scheduled)
May 30, 2023

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

  • BNP Paribas S.A.
  • Citigroup Inc.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Crédit Industriel et Commercial (CIC)
  • HSBC Bank PLC
  • Natixis
  • Société Générale S.A. (SocGen or Societe Generale)

State-owned Banks

  • La Banque postale

Receiving agencies

Private Sector

  • Bolloré SE (formerly Bolloré S.A.) (Bolloré Group)

Loan description

Tranches of €1.7 billion EUR syndicated loan to Bolloré for refinancing purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On May 31, 2018, financial close was reached on a deal in which a syndicate of 10 banks — including the Bank of China (BOC) — entered into a €1.700 billion EUR ($1.98306 billion USD) syndicated loan agreement with Bolloré S.A. — a French logistics company listed on Paris Stock Exchange but majority-owned by the Bolloré family — for refinancing purposes. This loan consisted of two tranches: a €1.300 billion EUR ($1.51646 billion USD) revolver tranche with a maturity period of five years and a €400.00 million EUR ($466.60 million USD) term loan tranche with a maturity period of five years. The proceeds were used by the borrower for refinancing purposes. All lenders, including BOC, contributed €130.00 million EUR ($151.65 million USD) to the €1.300 billion EUR revolver tranche. Record ID#101877 captures its contribution. All lenders, including BOC, contributed €40.00 million EUR ($46.66 million USD) to the €400 million EUR term loan tranche. Record ID#101878 captures its contribution. In addition to BOC, the following lenders contributed to the loan syndicate: BNP Paribas S.A., Crédit Industriel et Commercial (CIC), Citigroup, Crédit Agricole Group, Crédit Mutuel Arkéa, HSBC Bank, la Banque Postale, Natixis, and Société Générale S.A. (SocGen). As of June 30, 2018, €150 million EUR had been drawn down under the €1.3 billion EUR revolver tranche and €400 million EUR had been drawn down under the €400 million EUR term loan tranche. As of June 30 2019, €300 million EUR had been drawn down under the €1.3 billion EUR revolver tranche. In late March 2020, the lending syndicate entered into an amendment agreement with the borrower; in this amendment agreement, the borrower agreed to extend the maturity period of the €1.300 billion EUR revolver tranche by two years to 2025 (a new maturity period of seven years). Record ID#101879 captures BOC's contribution to this debt rescheduling. As of June 30, 2020, the €1.3 billion EUR revolver tranche was undrawn. As of June 20, 2022, the €1.3 billion EUR revolver tranche was undrawn. As of June 30, 2023, €18.4 million EUR had been drawn down.