China Construction Bank contributes to a $1 billion USD syndicated revolving credit facility to bcIMC Realty Corporation for general corporate and refinancing purposes

Project narrative

In July 2018, a syndicate of 13 banks — including the Toronto Branch of China Construction Bank Corporation (CCB) — entered into a $1 billion USD senior syndicated unsecured revolving credit facility (RCF) agreement with bcIMC Realty Corporation — a Canadian owner of office, retail, industrial, and multifamily assets owned by BCI QuadReal Realty (BQR) a pooled investment portfolio of real estate and related investments held in trust by and the primary financing entity for Canadian statutory (state-owned) corporation by British Columbia Investment Management Corporation's (BCI) that is managed by Vancouver, British Columbia-headquartered global real estate investment, operating, and development company and wholly-owned subsidiary of BCI, QuadReal Property Group — for general corporate and refinancing purposes. The proceeds were to be used by the borrower for general corporate purposes, including property acquisitions, development, capital expenditures, repayment of other indebtedness of the borrower and its subsidiaries. In addition to CCB Toronto Branch, the following lenders contributed to the loan syndicate: Royal Bank of Canada (RBC), Canadian Imperial Bank of Commerce (CIBC), the Toronto-Dominion Bank (TD Bank), The Bank of Nova Scotia (Scotiabank), HSBC Bank Canada, National Bank of Canada, Bank of Montreal, the Canadian Branch of Wells Fargo Bank N.A., Mizuho Bank, Ltd., Bank of America, N.A., and the New York Branch of Deutsche Bank AG. CCB, RBC, CIBC, TD Bank, Scotiabank, HSBC Bank Canada, National Bank of Canada, Bank of Montreal, Wells Fargo, Mizuho, Bank of America, and Deutsche Bank served as joint lead arrangers and joint book runners for RCF. RBC also served as the administrative agent.