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Overview

Bank of China contributes €45.40 million EUR to the €463.98 million EUR tranche of a £1 billion GBP revolving credit facility to SSE for general corporate purposes (Linked to Record ID#101990 and #101992)

Commitments (Constant USD, 2023)$49,089,596
Commitment Year•2023Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 24, 2023
Last repayment (originally scheduled)
Feb 24, 2024

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

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America Corporation
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Canada (RBC)

State-owned Banks

  • National Westminster Bank Plc (NatWest)

Receiving agencies

Private Sector

  • SSE Plc.

Loan description

February 2023 £1 billion GBP revolving credit facility to SSE plc for general corporate purposes in the United Kingdom

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On February 24, 2023, financial close was reached on a deal in which a syndicate of 10 banks — including the Bank of China (BOC) — entered into a £1.000 billion GBP (€1.13477 billion EUR; $1.20287 billion USD) syndicated revolving credit facility (RCF) agreement with SSE plc — a Scotland-based multinational energy company — for general corporate purposes. This loan was divided into three tranches: a Japanese yen-denominated €113.75 million EUR ($120.58 million USD)-equivalent RCF tranche with a maturity period of one year and a final maturity date of February 24, 2024; a euro-denominated €453.98 million EUR ($481.22 million USD) RCF tranche with a maturity period of one year and a final maturity date of February 24, 2024; and a British pound sterling-denominated €567.04 million EUR ($601.06 million USD)-equivalent RCF tranche with a maturity period of one year and a final maturity date of February 24, 2024. The proceeds were to be used by the borrower for general corporate purposes. Each lender, including BOC, contributed €11.37 million EUR ($12.06 million USD) to the yen-denominated €113.75 million EUR-equivalent tranche. Record ID#101990 captures BOC's contribution. Each lender, including BOC, contributed €45.40 million EUR ($48.12 million USD) to the euro-denominated €463.98 million EUR tranche. Record ID#101991 captures BOC's contribution. Each lender, including BOC, contributed €56.70 million EUR ($60.11 million USD) to the pound-denominated €567.04 million EUR-equivalent tranche. Record ID#101992 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: Bank of America, Barclays Bank Plc, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), BNP Paribas S.A., Lloyds Bank, MUFG Bank, Ltd., National Westminster Bank Plc (NatWest), Royal Bank of Canada (RBC), and Banco Santander S.A..