Bank of China contributes to a €2 billion EUR syndicated revolving credit facility to Volvo Treasury for refinancing purposes

Project narrative

In March 2023, a syndicate of 21 banks — including the Bank of China (BOC) — entered into a €2 billion EUR syndicated revolving credit facility (RCF) agreement with Volvo Treasury AB — a Sweden-incorporated wholly-owned subsidiary of Volvo Car Corporation (legally Volvo Personvagnar AB), a Swedish multinational manufacturer of luxury cars headquartered in Torslanda, Gothenburg, Sweden majority-owned by subsidiaries of Zhejiang Geely Holding Group Co., Ltd. (ZGH), a Chinese privately-owned multinational automotive conglomerate headquartered in Hangzhou largely owned by Chinese entrepreneur Li Shufu — for refinancing purposes. This loan carried a maturity period of five years. The proceeds were to be used by the borrower to replace (refinance) a €1.5 billion EUR RCF signed in December 2017. In addition to BOC, the following lenders contributed to the loan syndicate: BNP Paribas S.A., HSBC Bank, Skandinaviska Enskilda Banken AB (SEB), Bank of America Corporation, Citigroup, Crédit Agricole, Danske Bank A/S, Deutsche Bank AG, DNB Markets, Inc., ING Group N.V., Mizuho Bank, National Westminster Bank Plc (NatWest), Nordea Bank, Société Générale S.A. (SocGen), Landesbank Hessen-Thüringen (Helaba), Swedbank AB, UniCredit S.p.A., Banco Bradesco BBI. S.A., Banco Santander, S.A., and Standard Chartered Bank plc. BNP Paribas, HSBC, and SEB served as coordinators. Bank of America, Citigroup, Crédit Agricole, Danske Bank, Deutsche Bank, DNB Markets, ING Group, Mizuho, NatWest, Nordea, SocGen, Helaba, Swedbank, and UniCredit served as bookrunners. BOC, Bradesco BBI, Santander and Standard Chartered served as mandated lead arrangers