Bank of China contributes to debt rescheduling — via a one-year maturity extension in January 2016 — of its €75.23 million EUR contribution to the €1.8 billion EUR revolving credit facility tranche for Autoroutes Paris-Rhin-Rhône of the €3.3 billion EUR syndicated loan for the Autoroutes Paris-Rhin-Rhône 2015 Refinancing Project (Linked to Record ID#104502 and #104511)

Project narrative

On February 19, 2015, a syndicate of 18 banks — including the Bank of China (BOC) and China Construction Bank Corporation (CCB) — signed a €3.300 billion EUR ($3.75068 billion USD) syndicated loan agreement with Eiffarie S.A.S. — a France-incorporated holding company wholly-owned by Financière Eiffarie S.A.S., a France-incorporated joint venture of French civil engineering construction company Eiffage S.A. (50.0% + 1 share equity stake), Australia-listed toll road developer and operator Macquarie Atlas Roads Group Limited (MQA) (later known as Atlas Arteria), a subsidiary of Australia's Macquarie Group Limited (20.1% equity stake), Macquarie European Infrastructure Fund II L.P. (MEIF2) managed by Macquarie Group (15.6% equity stake), and undisclosed investors (14.3% equity stake), including PGGM — and Autoroutes Paris-Rhin-Rhône S.A. (APRR) — a French toll road and motorway concession operator and wholly-owned subsidiary of Eiffarie — for the Autoroutes Paris-Rhin-Rhône 2015 Refinancing Project. This loan was divided into two tranches: a €1.500 billion EUR ($1.70386 billion USD) term loan tranche with Eiffarie as the borrower and with a maturity period of five years with two one-year extension options, a final maturity date of February 19, 2020, an interest rate of EURIBOR plus a margin of 100 bps, an amortizing repayment schedule to be repaid biannually starting at €30 million EUR then rising to €10 million EUR every year to €80 million EUR, upfront fees of 1.05%, and a commitment fee equal to 35% of the margin (0.35%) and a €1.800 billion EUR ($2.04583 billion USD) revolving credit facility (RCF) tranche with APRR as the borrower and a maturity period of five years with two one-year extension options, a final maturity date of February 19, 2020, an interest rate of EURIBOR plus a margin of 45 bps, upfront fees of 0.50%, and a commitment fee equal to 35% of the margin (0.1575%). The proceeds of the €1.5 billion EUR term loan tranche drawn by Eiffarie were to be used to repay in full Eiffarie's €2.5 billion EUR debt facility committed in 2012 (which refinanced a 2005 loan used to acqire APRR) and maturing in February 2017 and the proceeds of the €1.8 billion EUR RCF tranche drawn by APRR were to be used, in part, to repay the €2.5 billion EUR Eiffarie debt facility and to replace an existing undrawn €720 million EUR revolver. BOC contributed €62.73 million EUR ($71.30 million USD) and CCB contributed €23.18 million EUR ($26.35 million USD) to the €1.5 billion EUR term loan tranche. Record ID#104487 captures BOC's contribution. Record ID#104501 captures CCB's contribution. In addition to BOC and CCB, the following lenders contributed the respective amounts to the tranche: Banco de Sabadell S.A. (€62.73 million EUR), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (€136.36 million EUR; $154.98 million USD), BNP Paribas S.A. (€136.36 million EUR), CaixaBank, S.A. (€29.55 million EUR), Crédit Mutuel-Crédit Industriel et Commercial (CM-CIC) (€62.73 million EUR), Commerzbank AG (€38.18 million EUR; $43.39 million USD), Crédit Agricole Group (€136.36 million EUR), ING Group N.V. (€38.18 million EUR), Intesa Sanpaolo S.p.A. (€62.63 million EUR), Mediobanca (€62.73 million EUR), Mizuho Bank (€62.73 million EUR), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) (€136.36 million EUR), Natixis (€136.36 million EUR), Banco Santander, S.A. (€113.64 million EUR; $129.16 million USD), Société Générale S.A. (SocGen) (€136.36 million EUR), and UniCredit S.p.A. (€62.73 million EUR). BOC contributed €75.23 million EUR ($85.50 million USD) and CCB contributed €27.12 million EUR ($30.82 million USD) to the €1.8 billion EUR RCF tranche. Record ID#104502 captures BOC's contribution. Record ID#104503 captures CCB's contribution. In addition to BOC and CCB, the following lenders contributed the respective amounts to the tranche: Banco de Sabadell (€75.23 million EUR), BBVA (€163.77 million EUR; $186.14 million USD), BNP Paribas (€163.77 million EUR), CaixaBank (€35.41 million EUR), CM-CIC (€75.23 million EUR), Commerzbank AG (€163.79 million EUR), ING Group (€45.73 million EUR), Intesa Sanpaolo (€75.23 million EUR), Mediobanca (€75.23 million EUR), Mizuho (€75.23 million EUR), BTMU (€163.77 million EUR), Natixis (€163.77 million EUR), Banco Santander (€136.43 million EUR; $155.06 million USD), SocGen (€164.10 million EUR; $186.51 million USD), and UniCredit (€75.23 million EUR). Banco Santander, BBVA, BNP Paribas, BTMU, Crédit Agricole Group, Natixis, and SocGen served as mandated lead arrangers, bookrunners, and underwriters. BOC, Banco de Sabadell, CM-CIC, Intesa Sanpaolo, Mediobanca, Mizuho, and UniCredit served as mandated lead arrangers. Commerzbank and ING served as lead arrangers. CCB and CaixaBank served as arrangers. APPR launched the refinancing of its debt in December 2014. As of December 31, 2015, no amount had been drawn against the RCF. In January 2016, the lending syndicate — still including BOC and CCB — entered into an amendment agreement with the borrower; in the amendment agreement, the lenders extended the maturity period of the €3.3 billion EUR syndicated loan by one years — for a new maturity period of six years — and set February 2021 as the new final maturity date, in line with the first extension option. Record ID#104505 captures BOC's contribution to the debt rescheduling of the €1.5 billion EUR term loan tranche. Record ID#104506 captures CCB's contribution to the debt rescheduling to the €1.5 billion EUR term loan tranche. Record ID#104507 captures BOC's contribution to the debt rescheduling of the €1.8 billion EUR RCF tranche. Record ID#104508 captures CCB's contribution to the debt rescheduling to the €1.8 billion EUR RCF tranche. Then, sometime later in 2016, the lending syndicate — still including BOC and CCB — entered into an another amendment agreement with the borrower; in the amendment agreement, the lenders extended the maturity period of the €3.3 billion EUR syndicated loan by one year — for a new maturity period of seven years — and set February 2022 as the new final maturity date, in line with the second extension option. Record ID#104509 captures BOC's contribution to the debt rescheduling of the €1.5 billion EUR term loan tranche. Record ID#104510 captures CCB's contribution to the debt rescheduling to the €1.5 billion EUR term loan tranche. Record ID#104511 captures BOC's contribution to the debt rescheduling of the €1.8 billion EUR RCF tranche. Record ID#104512 captures CCB's contribution to the debt rescheduling to the €1.8 billion EUR RCF tranche. As of December 31, 2016, no amount had been drawn against the RCF. As of December 31, 2017, no amount had been drawn against the RCF. As of December 31, 2017, €1.3 billion EUR was outstanding against the term loan. As of December 31, 2018, no amount had been drawn against the RCF. As of December 31, 2019, no amount had been drawn against the RC. In February 2020, a syndicate of 18 banks — not including any Chinese state-owned banks — entered into a €3.07 billion EUR syndicated loan with Eiffarie and APRR split into two tranches, the proceeds of which were used to refinance the 2015 loan.