Overview

Bank of China (Europe) provides a €28 million EUR loan to Xior Student Housing for refinancing purposes

Commitments (Constant USD, 2023)$27,850,248

Commitment Year•2022Country of Activity•BelgiumDirect Recipient Country of Incorporation•BelgiumOverseas Jurisdiction•LuxembourgSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 31, 2022

Start (actual): Sep 9, 2022

End (actual): Sep 9, 2022

Last repayment (originally scheduled): Aug 29, 2029

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 (Europe) S.A. (formerly Bank of China (Luxembourg) S.A. or BOC Luxembourg)

Receiving agencies

Private Sector

Xior Student Housing NV

Loan description

Bank of China (Europe) provides a €28 million EUR loan to Xior Student Housing for refinancing purposes

Interest rate (t₀)•2.453%Interest type•Variable Interest RateMaturity•7 years

Narrative

Full Description

Project narrative

On August 31, 2022, Bank of China (Europe) NV entered into a €28,000,000 EUR term loan facilities agreement with Xior Student Housing NV — a Belgium-incorporated public regulated real estate company (RREC) based in Antwerp, working for student housing and accommodation listed on the Euronext Brussels working in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden — for refinancing purposes. This loan carried a maturity period of seven years, maturing in the third quarter of 2029, and an interest rate of EURIBOR plus a margin of 125 basis points (bps). included a provision that gave Bank of China rights in the event of a change of control. The proceeds were apparently used to replace / refinance €100 million EUR of maturing debt of the borrower from banks in 2023. The borrower fully drew down the loan on September 9, 2022.