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Overview

Bank of China contributes to €200 million EUR syndicated revolving credit facility to Fugro N.V. for refinancing purposes

Commitments (Constant USD, 2023)$39,080,827
Commitment Year•2020Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2020
Last repayment (originally scheduled)
Jul 31, 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

  • BNP Paribas S.A.
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Credit Suisse (Schweiz) AG (also known as Credit Suisse (Switzerland) Ltd.)
  • HSBC Bank PLC
  • ING Bank N.V.

Receiving agencies

Private Sector

  • Fugro N.V.

Loan description

Bank of China contributes to €200 million EUR syndicated revolving credit facility to Fugro N.V. for refinancing purposes

Interest type•Variable Interest RateMaturity•4.5 years

Narrative

Full Description

Project narrative

In February 2020, a syndicate of six banks — including the Bank of China (BOC) — entered into a €200 million EUR syndicated revolving credit facility (RCF) to Fugro N.V. — a Dutch geospatial and surveying services company — for refinancing purposes. The RCF carried a maturity period of 4.5 years and an interest rate of EURIBOR plus a margin based on the ratio of consolidated net debt to earnings before interest, taxes, depreciation and amortization (EBITDA). The proceeds were to be used by the borrower to refinance its current €575 million EUR revolving credit facility and repurchase €190 million EUR Convertible Bonds due 2021. Finalization of the loan was contingent upon the successful issuance of approximately €550 million EUR in 5-year Senior Secured Notes. Lenders in the syndicate were ING, Rabobank, Credit Suisse, BNP Paribas, HSBC, and BOC.

Staff comments

1. The individual contributions of the 6 known lenders to this €200 million EUR syndicated loan is unknown. For the time being, AidData has assumed each lender contributed equally (€33,333,333.33 EUR) to the loan.