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Overview

ICBC contributes to a €1 billion EUR syndicated sustainability-linked revolving credit facility to UCB for refinancing, working capital, and general corporate purposes

Commitments (Constant USD, 2023)$90,105,719
Commitment Year•2023Country of Activity•BelgiumDirect Recipient Country of Incorporation•BelgiumSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 27, 2023
Last repayment (originally scheduled)
Mar 25, 2028

Geospatial footprint

Map overview

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This project provided a loan for refinancing, working capital, and general corporate purposes to UCB S.A./N.V., whose headquarter is located at 60 Allée de la Recherche - Researchdreef. More detailed locational information can be found at https://www.openstreetmap.org/way/227344910.

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)

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America Corporation
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • ING Group N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • KBC Group N.V.
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • UCB S.A./N.V.

Guarantors

Private Sector

  • UCB S.A./N.V.

Loan desecription

ICBC contributes to a €1 billion EUR syndicated sustainability-linked revolving credit facility to UCB for refinancing, working capital, and general corporate purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On March 27, 2023, a syndicate of 12 banks — including the Industrial and Commercial Bank of China (ICBC) — signed a €1 billion EUR syndicated sustainability-linked revolving credit facility (RCF) agreement with UCB S.A./N.V. — a Belgian-incorporated and based multinational biopharmaceutical company focusing on neurology and immunology headquartered in Brussels listed on Euronext Brussels. — and various subsidiaries of it for refinancing, working capital, and general corporate purposes. This loan carried a maturity period of five years with two one-year extension options and a final maturity date in 2028. UCB S.A./N.V. and various subsidiaries of it issued guarantees for this RCF. The RCF held a change of control clause allowing lenders to cancel their commitments and require repayment if there was a change of control in UCB The proceeds were to be used by the borrower for working capital and general corporate purposes and to refinance and replace a €1 billion EUR facility signed in December 2019 due to mature on January 9, 2025. In addition to ICBC, the following lenders contributed to the loan syndicate: ING Group N.V., BNP Paribas S.A., Crédit Agricole Group, Sumitomo Mitsui Banking Corporation (SMBC), Barclays Bank Plc, Bank of America Corporation, CaixaBank, S.A., Commerzbank AG, Intesa Sanpaolo S.p.A., KBC Group N.V., and Banco Santander S.A. ING and BNP Paribas served as the sustainability coordinators and bookrunners. BNP Paribas served as facility agent. Crédit Agricole and SMBC served as bookrunners. ICBC, Barclays, Bank of America, Caixa Bank, Commerzbank, Intesa Sanpaolo, and Santander served as mandated lead arrangers. As of December 31, 2023, the RCF was undrawn. In February 2024, the lending syndicate entered into an amendment agreement with the borrower; in the amendment agreement, the lenders extended the maturity period of the €928 million EUR of the €1 billion EUR RCF by one year — for a new maturity period of six years — with a new final maturity date in 2029.

Staff comments

1. The individual contributions of the 12 lenders to this €1 billion EUR syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming each contributed an equal amount (€83,333,333.3333 EUR) to the loan syndicate.