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Overview

Bank of China contributes to €800 million EUR revolving credit facility to SKF for general corporate purposes

Commitments (Constant USD, 2023)$86,501,490
Commitment Year•2023Country of Activity•SwedenDirect Recipient Country of Incorporation•SwedenSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 16, 2023
Last repayment (originally scheduled)
Jun 14, 2028

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project provided a loan for general corporate purposes to AB SKF, whose headquarter is located at Sven Wingquists Gata 2 415 05, Göteborg, Västra Götaland Sweden. More detailed locational information can be found at: https://www.openstreetmap.org/way/203402689.

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.
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • Citibank, N.A.
  • Deutsche Bank AG
  • HSBC Bank PLC
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Nordea Bank Abp
  • Skandinaviska Enskilda Banken AB (SEB)
  • Svenska Handelsbanken AB

Receiving agencies

Private Sector

  • AB SKF

Loan description

Bank of China contributes to €800 million EUR revolving credit facility to SKF for general corporate purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In June of 2023, a syndicate of ten lenders — including Bank of China (BOC) — entered into an €800 million EUR multicurrency revolving credit facility with AB SKF— a Sweden-based seal and bearing manufacturing company — for general corporate purposes. This loan has a tenor of five years with two one-year extension options. This facility refinanced an undrawn €500 million EUR syndicated credit facility and as well as SKF's separate €250 million EUR bilateral credit facility (a combined totaled of €750 million EUR). The syndicate included the following lenders with these respective roles: Bank of America and Skandinaviska Enskilda Banken AB (SEB) as coordinating joint Mandated Lead Arrangers and Bookrunners as well as BOC, BNP Paribas, Citibank, Deutsche Bank, Handelsbanken, HSBC, J.P. Morgan, and Nordea as Mandated Lead Arrangers and Bookrunners.

Staff comments

1. The individual contributions of the 10 lenders to this €800 million EUR-equivalent syndicated loan are unknown. AidData has assumed each lender has contributed equally. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (€80,000,000 EUR) to the loan syndicate.