Overview

ICBC provides a £30 million GBP revolving credit facility to JPMorgan China Growth & Income plc to maintain its gearing level

Commitments (Constant USD, 2023)$39,527,215

Commitment Year•2023Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 14, 2023

Last repayment (originally scheduled): Jul 13, 2025

Geospatial footprint

Map overview

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The purpose of this project was for ICBC to provide a £30 million GBP revolving credit facility to JPMorgan China Growth & Income plc to maintain its gearing level. More detailed locational information can be found at: https://www.openstreetmap.org/node/2091169863

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

JPMorgan China Growth & Income plc

Loan desecription

ICBC provides a £30 million GBP revolving credit facility to JPMorgan China Growth & Income plc to maintain its gearing level

Interest rate (t₀)•7.12554%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

On July 14, 2023, the London Branch of the Industrial and Commercial Bank of China Limited (ICBC) entered into a £30 million GBP multicurrency revolving loan facility agreement with JPMorgan China Growth & Income plc — an England and Wales-incorporated company managed by JPMorgan Funds Limited (JPMF) and JPMorgan Asset Management (UK) Limited (JPMAM) that invests in ‘Greater China’ companies — to maintain its gearing level. This loan carried a maturity period of two years and an ability to increase its face value to £60 million GBP if conditions were met and an interest rate of SOFR plus a margin of 1.75%. The proceeds were to be used by the borrower to retain the flexibility to maintain gearing up to the maximum permitted level as its asset base grows. As of September 30, 2023, the borrower had drawn down $38.8 million USD (£31.8 million GBP) under this facility.