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Overview

Bank of China contributes to EUR 562.5 million syndicated RCF agreement with Bidvest for refinancing and acquisition purposes

Commitments (Constant USD, 2023)$40,547,574
Commitment Year•2023Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2023
Last repayment (originally scheduled)
May 31, 2026

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)

Cofinancing agencies

Private Sector

  • Absa Bank Limited
  • Afrasia Bank Limited
  • Bank of America Corporation
  • Barclays Bank PLC
  • Citigroup Inc.
  • FirstRand Bank (FirstRand Limited)
  • Goldman Sachs Group, Inc.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Nedbank Ltd
  • Sanlam Investment Management (Pty) Limited
  • Standard Bank
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • The Bidvest Group Limited

Loan description

Bank of China and China Construction Bank’s contributions to syndicated debt financing package worth EUR 750 million with Bidvest in South Africa 2023

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In June 2023, the Bidvest Group Limited (‘Bidvest’) secured a syndicated debt financing package worth EUR 750 million from a group of Chinese and non-Chinese banks. The package consisted of a three-year, EUR 187.5 million term loan and an EUR 562.5 million revolving credit facility (RCF). The borrower was expected to use the proceeds of the term loan and the RCF to refinance a 2021 loan and for acquisition purposes. Members of the syndicate included Citigroup and Standard Bank (as bookrunners); ABSA, Barclays, Bank of America, FirstRand, Nedbank, Standard Chartered (as mandated lead arrangers); Bank of China, China Construction Bank, Goldman Sachs, HSBC, Sanlam, SMBC (as arrangers); and AfraAsia Bank (as a participant).

Staff comments

1. The Bidvest Group Limited — also known as Bidvest Group or Bidvest — is a South African services, trading, and distribution company. 2. The size of China Construction Bank’s contribution to the EUR 562.5 million syndicated RCF is unknown. For the time being, AidData assumes equal contributions (EUR 37.5 million) across the 15 known members of the syndicate.