Bank of China (Luxembourg) Stockholm Branch contributes to a kr4 billion SEK syndicated revolving credit facility to Epiroc for general corporate purposes

Project narrative

In April 2018, a syndicate of eight banks — including the Stockholm Branch of the Bank of China (Luxembourg) S.A. (BOC Luxembourg) — entered into a kr4 billion SEK syndicated multi-currency revolving credit facility (RCF) agreement with Epiroc AB — a Sweden-incorporated company that manufactures mining and infrastructure equipment and is headquartered in Nacka, Sweden — for general corporate purposes. This loan carried a maturity period of five years with two one-year extension options exercisable on the RCF's first and second anniversary, subject to lender's consent, a final maturity date in 2023, and an interest rate based on a floating rate dependent on the currency of drawdown (with a floor of zero if the rate was negative) and a margin based on Epiroc's long-term credit rating or, if no rating was available, the ratio of Epiroc's consolidated total net debt to equity. This RCF was governed by English law and contained customary provisions such as a negative pledge, restrictions on mergers and subsidiary financial indebtedness, and mandatory cancellation and prepayment in as the event of a change of control of Epiroc or certain illegality, sanctions, and anti-corruption related events. The proceeds were to be used by the borrower for general corporate purposes and as a back-up facility. Record ID#103371 captures BOC Luxembourg's contribution. In addition to BOC Luxembourg, the following lenders contributed to the loan syndicate: Citigroup Global Markets Limited, Danske Bank A/S, Danmark, Svergie Filal, Deutsche Bank Luxembourg S.A., Nordea Bank AB (publ), Skandinaviska Enskilda Banken AB (SEB), Svenska Handelsbanken AB, and Standard Chartered Bank PLC. As of December 31, 2018, this RCF was undrawn. In April 2019, the lending syndicate — still including BOC Luxembourg — entered into an amendment agreement with the borrower; in the amendment agreement, the lenders extended the maturity period of the kr4 billion SEK RCF by one year — for a new maturity period of six years — and 2024 as the new final maturity date, in line with the first extension option. Record ID#103380 captures BOC Luxembourg's contribution to this debt rescheduling. As of December 31, 2019, this RCF was undrawn. In April 2020, the lending syndicate — still including BOC Luxembourg — entered into an another amendment agreement with the borrower; in the amendment agreement, the lenders extended the maturity period of the kr4 billion SEK RCF by one year — for a new maturity period of seven years — and 2025 as the new final maturity date, in line with the second extension option. Record ID#103381 captures BOC Luxembourg's contribution to this debt rescheduling. As of December 31, 2020, this RCF was undrawn. As of December 31, 2021, this RCF was undrawn. As of December 31, 2022, this RCF was undrawn. As of December 31, 2023, this RCF was undrawn. Then, on April 10, 2024, a syndicate of eight lenders — including the Bank of China (BOC) — entered into a kr4 billion SEK syndicated RCF agreement with Epiroc AB for refinancing purposes. This loan carried a maturity period of five years and a final maturity date in 2029. The proceeds were to be used by the borrower to refinance the 2017 kr4 billion SEK syndicated RCF. Record ID#103382 captures BOC's contribution.