Overview

Bank of China provides a £35 million GBP revolving facility to Charter for unspecified purposes

Commitments (Constant USD, 2023)$90,350,796

Commitment Year•2008Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 3, 2008

Last repayment (originally scheduled): Feb 10, 2015

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

Bank of China (BOC)

Receiving agencies

Private Sector

Charter Central Finance Limited

Loan description

Bank of China provides a £35 million GBP revolving facility to Charter for unspecified purposes

Interest type•UnknownMaturity•6.441 years

Narrative

Full Description

Project narrative

On September 3, 2008, the London Branch of the Bank of China (BOC) entered into a £35,000,000 GBP multicurrency revolving facility agreement with Charter Central Finance Limited — an England and Wales-incorporated wholly-owned subsidiary of Charter plc, an England and Wales-incorporated British engineering firm engaged in welding, cutting, automation, and air and gas handling headquartered in London, the United Kingdom and listed on the London Stock Exchange — for unspecified purposes. This facility carried a maturity period of approximately 6.441 years and a final maturity date of February 10, 2015. As of September 30, 2011, the borrower had drawings of £11 billion GBP under this facility.

Staff comments

1. Soon after the loan in October 2008, Charter was restructured to have a new Jersey-incorporated holding company Charter International plc that Charter plc became a subsidiary of.