ICBC Standard Bank contributes to a €600 million EUR syndicated loan in June 2023 to PPF Telecom Group for refinancing purposes

Project narrative

On June 14, 2023, a syndicate of 20 banks — including the Bank of China (Central and Eastern Europe) Limited (Bank of China (CEE), Industrial and Commercial Bank of China (Europe) S.A. Oddzial w Polsce, and ICBC Standard Bank plc — entered into a €600 million EUR syndicated term loan facility agreement with PPF Telecom Group B.V. (formerly PPF Arena 1 B.V.) — a Netherlands-incorporated telecommunications company, providing fixed-line and mobile telecommunications company and infrastructure, data services, and internet television in the Czech Republic, Slovakia, Hungary, Bulgaria, and Serbia wholly-owned by Netherlands-incorporated PPF TMT Holdco 2 B.V., wholly-owned by Netherlands-incorporated PPF TMT Holdco 1 B.V. wholly-owned by PPF Group N.V., a Netherlands-incorporated privately-held international diversified investment group headquartered in Prague and wholly-owned by Renáta Kellnerová and the descendants of Czech billionaire Petr Kellner — for refinancing purposes. The facility carried a maturity period of five years and a final maturity date in June 2028. The proceeds were used by the borrower to either directly or indirect finance the early repayment of an existing €600,000,000 EUR 3.500% notes (Eurobond) due May 20, 2024. The borrower drew the facility down fully in July 2023 to refinance it. Record ID#110253 captures Bank of China (CEE)'s contribution. Record ID#110254 captures ICBC (Europe)'s contribution. Record ID#110255 captures ICBC Standard Bank. In addition to the Chinese state-owned lenders' contributions, the following lenders contributed to the loan syndicate: Société Générale S.A. (SocGen), UniCredit Bank Czech Republic and Slovakia a.s., Allied Irish Banks, p.l.c. (AIB), Crédit Agricole Corporate and Investment Bank (CACIB), HSBC Continental Europe S.A., Česká spořitelna, a.s., Erste Group Bank AG (Erste Group), the Czech Branch of PKO Bank Polski S.A. (PKOBP), Komerční banka, a.s. (KB Bank), BNP Paribas S.A., BNP Paribas Fortis S.A./N.V., Commerzbank Aktiengesellschaft, pobočka Praha, the Prague Branch of ING Bank N.V., Raiffeisen Bank International AG, and Všeobecná úverová banka, a.s., pobočka Praha (VUB). SocGen and UniCredit Bank Czech Republic and Slovakia served as global coordinators, bookrunners, and original lenders. Bank of China (CEE), AIB, CACIB, Česká spořitelna, Erste Group, and PKOBP served as mandated lead arrangers and original lenders. The Poland Branch of ICBC (Europe), ICBC Standard Bank, BNP Paribas, BNP Paribas Fortis, the Prague Branch of Commerzbank AG, Komerční banka, the Prague Branch of ING Bank, HSBC Continental Europe, and the Prague Branch of VUB served as bookrunners and original lenders. The loan was oversubscribed.