Nanyang Commercial Bank contributes to a €211 million EUR syndicated loan to Shanghai Yunfeng Xinchuang Equity Investment Center to finance the acquisition of a 100% stake in Esaote S.p.A. and restructure its debts

Project narrative

In 2018, a syndicate of six lenders — including the Jiangsu and Milan Branches of the Bank of China (BOC), China Construction Bank Corporation (CCB), Bank of Jiangsu, Nanyang Commercial Bank (NCB), and China Minsheng Banking Corporation (CMBC) — entered into a €211 million EUR syndicated loan agreement with Shanghai Yunfeng Xinchuang Equity Investment Center (Limited Partnership) — a China-incorporated special purpose vehicle and joint venture of Shanghai-based private equity firm Yunfeng Capital Limited, Chinese medical equipment company China Resources Wandong Medical Equipment Co., Ltd. (previously Beijing Wandong Medical Equipment Co., Ltd.), state-owned free trade zone Shanghai FTZ Fund Management Co., Ltd., Chinese investment group Shanghai Tianyi Industries Holding (Group) Co., Ltd., Chinese medical equipment manufacturer Jiangsu Yuyue Technology Development Co., Ltd., and Shanghai Kangda Medical Equipment Group Corporation Ltd. — to finance the acquisition of a 100% stake in Esaote S.p.A. and restructure its debts. The initial commitment by the Milan Branch of BOC was issued after the signing of the equity transfer agreement in December 2017 and then the full loan was syndicated by the completion of the acquisition on April 18, 2017. Record ID#109372 captures BOC's contribution. Record ID#109373 captures CCB's contribution. Record ID#109374 captures Bank of Jiangsu's contribution. Record ID#109375 captures NCB's contribution. Esaote S.p.A. was an Italian biomedical company and manufacturer of ultrasound imaging, dedicated magnetic resonance imaging (MRI) equipment, and software for managing the diagnostic process, and a provider of health data information technology. Esaote was viewed a market pioneer in dedicated imaging systems for limb joints and had a leading market share in the field of dedicated MRI imaging. Esaote was headquartered in Genoa and had research & development (R&D) and production centers in Genoa and Florence in Italy and Maastricht in the Netherlands. Esaote had consolidated revenue of €270 million EUR in 2016 On December 7, 2017, Shanghai Yunfeng Xinchuang Equity Investment Center (Limited Partnership) entered into a definitive agreement for €300 million EUR ($292 million USD) from Ares Life Sciences SA, NB Renaissance Partners, Equinox S.A., Carlo Castellano, MPVenture 2, a fund of Value Italy SGR S.p.A., and Banca Carige S.p.A.. Esaote would continue to operate as an independent international company and maintain its headquarters and R&D and production centers and retain its chief executive officer Karl-Heinz Lumpi. The acquisition was expected to improve Esaote's development plants and its growth projects in China and benefit from its shareholders' global synergies. The acquisition was expected to close in early 2018. The acquisition was closed on April 18, 2018.