Bank of China contributes to a $350 million USD syndicated revolving credit facility to BB Energy Group for refinancing and general corporate purposes

Project narrative

In July 2023, a syndicate of 27 lenders — including the London Branch of the Bank of China (BOC) — signed a $350 million USD syndicated revolving credit facility (RCF) agreement with BB Energy Group Holding Ltd. — a Dubai-incorporated and based independent global energy and commodities trader dealing with crude, oil, liquefied natural gas, and renewables effectively owned by the Bassatne Family — for refinancing and general corporate purposes. This loan carried a maturity period of 365 days (one year). This loan featured an accordion feature of $50 million USD, to increase the amount to $500 million USD. The proceeds were to be used by the borrower to refinance a maturing RCF signed in 2021 and extended in 2022 and for general corporate purposes. In addition to BOC, the following lenders contributed to the loan syndicate: ING Bank N.V., Mashreqbank, Natixis, Société Générale S.A. (SocGen), UBS Switzerland AG, Abu Dhabi Commercial Bank PJSC (ADCB), Arab Petroleum Investment Corporation (APICORP), The National Bank of Ras Al-Khaimah P.S.C. (RAKBANK), AKA Ausfuhrkredit-Gesellschaft mbH, Banca UBAE S.p.A., CA Indosuez (Switzerland) SA, the London Branch of Citibank N.A., HSBC UK Bank Plc, ABC International Bank Plc, the Dubai Branch of Banque MISR, Erste Group Bank AG, ABSA Bank Limited, Afrasia Bank Limited, Banque Cantonale Vaudoise (BCV), Banque Internationale de Commerce – BRED (Suisse) S.A. (BIC-BRED), British Arab Commercial Bank plc (BACB), Commercial Bank of Dubai PSC (CBD), GarantiBank International N.V., National Bank of Fujairah PJSC (NBF), Raiffeisen Bank International AG, and SBM (Mauritius) Ltd.. ING, Mashreqbank, Natixis, SocGen, and UBS Switzerland AG acted as Bookrunners and Mandated Lead Arrangers (BMLAs). SocGen acted as Syndication Coordinator. ING acted as Documentation Agent and Facility Agent. ADCB, APICORP, and RAKBANK served as mandated lead arrangers. AKA Ausfuhrkredit-Gesellschaft mbH, Banca UBAE, CA Indosuez, Citibank, and HSBC UK bank served as lead arrangers. ABC International Bank, Banque MISR, and Erste Group served as arrangers. BOC London Branch, ABSA Bank, Afrasia Bank, BCV, BIC-BRED, BACB, CBD, GarantiBank International, National Bank of Fujairah, Raiffeisen Bank International, and SBM (Mauritius) served as co-arrangers. ADCB, Banca UBAE, Bank ABC, Citibank, CA Indosuez, Garanti Bank, and HSBC joined the facility as Early Birds prior to the launch of the syndication. Primary syndication launched on May 17, 2023 at $200 million USD and was oversubscribed by 100%, leading to the increase to $350 million USD. In July 2024, a syndicate of 31 lenders — including the London Branch of BOC — entered into a $400 million USD syndicated RCF with BB Energy Group Holding Ltd. for refinancing and general corporate purposes. This loan carried a maturity period of one year with a one-year extension option exercisble at the borrower's request and at the discretion of each lender. This loan featured an accordion feature of $50 million USD to raise the RCF to $450 million USD. The proceeds were to be used to refinance the 2023 $350 million USD RCF and for general corporate purposes.