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Overview

Bank of China contributes to a €425.52 million EUR syndicated loan for the Pilkington Acquisition Refinancing Project

Commitments (Constant USD, 2023)$45,301,741
Commitment Year•2010Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 24, 2010

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of this project was to contribute to a syndicated loan for the Pilkington Acquisition Refinancing Project. More detailed locational information can be found at: https://www.openstreetmap.org/way/186636731

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of America Corporation
  • Barclays Corporate and Investment Bank (Formerly Barclays Capital)
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Mitsubishi UFJ Financial Group
  • Norinchukin Bank (Nochu Bank)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Trust Bank, Limited (SMTB)
  • Svenska Handelsbanken AB

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • NSG UK Enterprises Limited

Loan description

Bank of China contributes to a €425.52 million EUR syndicated loan for the Pilkington Acquisition Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 24, 2010, a syndicate of 16 banks — including the Bank of China (BOC) — signed a €425.52 million EUR-equivalent syndicated loan agreement with NSG UK Enterprises Limited — an England and Wales-incorporated company and wholly-owned subsidiary of England and Wales-incorporated NSG Holdings (Europe) Limited, a wholly-owned subsidiary of Japanese glass manufacturing company Nippon Sheet Glass Co., Ltd., which is listed on the Tokyo Stock Exchange and is one of the world's largest glass companies — for the Pilkington Acquisition Refinancing Project. This loan was divided into two tranches: a €375 million EUR revolving credit facility (RCF) tranche and a kr.488 million SEK (€50.52 million EUR) term loan tranche. The proceeds were to be used by the borrower to refinance an outstanding portion of a £1.82 billion GBP loan signed in April 2006 and drawn in June 2006 that NSG UK Enterprises used for the £2.2 billion GBP acquisition of British glass manufacturer Pilkington plc. In addition to BOC, the following lenders contributed to the loan syndicate: Lloyds Bank, BNP Paribas S.A., Royal Bank of Scotland (RBS), Sumitomo Mitsui Banking Corporation (SMBC), Svenska Handelsbanken AB, Bank of America, Barclays Capital, Bayerische Landesbank (BayernLB), Citibank, Commerzbank AG, Intesa Sanpaolo S.p.A., JPMorgan Chase Bank, N.A., Mitsubishi UFJ Financial Group, Norinchukin Bank (Nochu Bank), and Sumitomo Trust Bank Limited (SMTB). Lloyds served as the coordinator and agent. BNP Paribas, Lloyds, RBS, SMBC, and Handelsbanken served as mandated lead arrangers. BOC, Bank of America, Barclays Capital, BayernLB, Citibank, Commerzbank, Intes Sanpaolo, JPMorgan, Mitsubishi UFJ Financial Group, Nochu Bank, and SMTB served as lead arrangers. The facility was oversubscribed in syndication and increased from its launch size of €367.96 million EUR. On April 13, 2010, the borrower drew down on the two facilities.

Staff comments

1. The individual contributions of the 16 lenders to this €425.52 million EUR syndicated loan are unknown. AidData has assumed each lender contributed to each tranche. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (€26,595,000 EUR) to the loan syndicate.