Narrative
Full Description
Project narrative
On April 7, 2011, a syndicate of 31 banks — including the Bank of China (BOC) — signed a €2.500 billion EUR syndicated multicurrency revolving credit facility (RCF) agreement with Veolia Environnement S.A. — a French multinational company providing water management, waste management, and energy services listed on Euronext Paris — for general corporate and refinancing purposes. This loan, known as 'Facility A' as it was signed in conjunction with a related €500 million EUR loan known as 'Facility B', carried a maturity period of five years with two one-year extension options at each lender's option, a final maturity date of April 2016, and an interest rate based on a floating rate plus an initial margin of 0.50% per year that was provided by 31 banks. The proceeds were to be used by the borrower for general corporate purposes and refinancing purposes, namely refinancing Veolia's existing €4 billion EUR revolving facility from April 20, 2005. Record ID#102258 captures BOC's contribution, In 2012, the lending syndicate — still including BOC — entered into an amendment agreement with the borrower for the RCF; in the amendment, the lending syndicate extended the maturity period of the RCF by one year — for a new maturity period of six years — to 2017, in line with the first extension option. Record ID#102259 captures BOC's contribution to this debt rescheduling. In the first half of 2013, the lending syndicate — still including BOC — entered into another amendment agreement with the borrower for the RCF; in the amendment, the lending syndicate extended the maturity period of the RCF by one year — for a new maturity period of seven years — to 2018, in line with the second extension option. Record ID#102260 captures BOC's contribution to this debt rescheduling. Then, on November 6, 2015, a syndicate of 24 banks — including BOC and the Industrial and Commercial Bank of China (ICBC) — entered into a €3.000 billion EUR ($3.30903 billion USD) syndicated multicurrency RCF agreement with Veolia Environnement S.A. for refinancing purposes. This loan carried a maturity period of five years with two one-year maturity extension options, and an initial final maturity date of November 2020. This loan was available for drawdown in British pound sterling, euros, U.S. dollars, Chinese yuan, and Eastern Europe currencies. The proceeds were to be used by the borrower to refinance the €2.5 billion EUR RCF and the €500 million EUR RCF signed on April 7, 2011. Each lender, including BOC and ICBC, contributed €125.00 million EUR ($137.88 million USD) to the loan syndicate. Record ID#102254 captures BOC's contribution. Record ID#102255 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: Barclays Bank Plc, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), BNP Paribas S.A., Bank of America Merril Lynch (BAML), Crédit Industriel et Commercial (CIC), Citigroup, Commerzbank AG, Crédit Agricole Group, Deutsche Bank, Goldman Sachs Group Inc., HSBC Bank, ING Group N.V., JPMorgan Chase Bank N.A., Mizuho Financial Group (MHFG), Natixis, Royal Bank of Scotland (RBS), Banco Santander S.A., Société Générale S.A. (SocGen), Standard Chartered Bank PLC, Sumitomo Mitsui Banking Corporation (SMBC), and UniCredit S.p.A.. This loan was oversubscribed from its initial €2.5 billion EUR target. As of December 31, 2015, the RCF was undrawn. In October 2016, the lending syndicate — including BOC and ICBC — entered into an amendment agreement with the borrower for the RCF; in the amendment, the lending syndicate extended the maturity period of the RCF by one year — for a new maturity period of six years — to October 2021, in line with the first extension option. Record ID#102261 captures BOC's contribution to this debt rescheduling. Record ID#102262 captures ICBC's contribution to this debt rescheduling. As of December 31, 2016, the RCF was undrawn. In October 2017, the lending syndicate — including BOC and ICBC — entered into another amendment agreement with the borrower for the RCF; in the amendment, the lending syndicate extended the maturity period of the RCF by one year — for a new maturity period of seven years — to October 2022, in line with the second extension option. Record ID#102263 captures BOC's contribution to this debt rescheduling. Record ID#102264 captures ICBC's contribution to this debt rescheduling. As of December 31, 2017, the RCF was undrawn. As of December 31, 2018, the RCF was undrawn. As of December 31, 2019, the RCF was undrawn. As of December 31, 2020, the RCF was undrawn. In 2022, the lending syndicate — including BOC and ICBC — entered into another amendment agreement with the borrower for the RCF; in the amendment, the lending syndicate extended the maturity period of the RCF by two years — for a new maturity period of nine years — to 2024. Record ID#102265 captures BOC's contribution to this debt rescheduling. Record ID#102266 captures ICBC's contribution to this debt rescheduling. As of December 31, 2021, the RCF was undrawn. As of December 31, 2022, the RCF was undrawn In March 2023, a syndicate of banks entered into a €4.5 billion EUR credit facility agreement with Veolia Environnement to refinance the €3 billion EUR RCF and a €2.5 billion EUR syndicated facility accrued by Suez (which Veolia had acquired).