ICBC contributes to a £463 million GBP syndicated revolving credit facility to Hammerson for refinancing and general corporate purposes (Linked to Record ID#107906)

Project narrative

On April 29, 2022, a syndicate of 10 lenders — including the London Branch of Agricultural Bank of China Limited (ABC) and the London Branch of Industrial and Commercial Bank of China Limited (ICBC) — entered into a £463,000,000 GBP multicurrency syndicated revolving credit facility (RCF) agreement with Hammerson plc — a British property development and investment company — for refinancing and general corporate purposes. The RCF carried a maturity period of five years and a maturity date of three years and initial final maturity date in April 2025 with two one-year extension options to take the maturity date to April 29, 2027. The RCF was governed by English law. The proceeds were to be used by the borrower for general corporate purposes including refinancing certain existing indebtedness, namely a £420 million GBP syndicated RCF from 2016 that Bank of China (Record ID#92255) and China Construction Bank (Record ID#92256) contributed to and an unexpired portions of a £360 million GBP RCF from 2017 that were extended to 2023 and 2024 that Bank of China (Record ID#92115), ABC (Record ID#92132), and ICBC (Record ID#92131), the debt of which was extinguished and replaced and both RCF cancelled on May 9, 2022. Record ID#107906 captures ABC's contribution. Record ID#107907 captures ICBC's contribution. In addition to ABC and ICBC, the following lenders contributed to the loan syndicate: Barclays Bank Plc, Lloyds Bank PLC, Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., the London Branch of First Commercial Bank Ltd, the London Branch of Crédit Industriel et Commercial (CIC), the London Branch of BNP Paribas S.A., and MUFG Bank, Ltd. Barclays Bank served as facility agent.