Shanghai Pudong Development Bank (London Branch) contributes to a £610 million GBP syndicated revolving credit facility to The Hut Group for refinancing purposes

Project narrative

On February 27, 2019, a syndicate of 11 banks — including the London Branch of the Shanghai Pudong Development Bank Co., Ltd. (SPDB) — entered into a £610 million GBP syndicated senior revolving credit facility (RCF) agreement with The Hut Group Limited — an England and Wales-incorporated e-commerce retail company headquartered in Manchester, England listed on the London Stock Exchange — for refinancing purposes. This loan carried a maturity period of 3.25 years and a final maturity date in May 2022 and a variable interest rate of LIBOR plus a margin of 2.15%. The loan was non-amortizing. The loan was secured by (i.e. collateralized against) a debenture from all material subsidiaries registered in England and Wales granted to Barclays Bank plc (as security agent) and share charges and, where relevant, a charge over bank accounts, to Barclays Bank plc in respect of material Guernsey and Jersey registered companies. The loan was originally a £600 million GBP loan agreed to in 2018 that SPDB joined in February 2019. In addition to SPDB, the following lenders contributed to the loan syndicate: Barclays Bank Plc, HSBC Bank PLC, Santander UK Plc, the London Branch of Citibank N.A., J.P. Morgan Securities PLC, The Royal Bank of Scotland Plc (RBS), Lloyds Bank Plc, The Governor and Company of the Bank of Ireland, Silicon Valley Bank (SVB), and PDL Europe Holdings LP.