Bank of China contributes $182.5 million USD to $2.5 billion USD syndicated revolving credit to WPP's subsidiaries for general corporate and debt refinancing purposes in 2014

Project narrative

On July 18, 2014, financial close was reached on a deal in which a syndicate of 15 banks — including Bank of China — entered into a $2.5 billion USD syndicated loan agreement with WPP Finance Co. Limited, WPP CP Finance PLC, and WPP Group Canada Finance, Inc. — subsidiaries of WPP plc, a multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, United Kingdom. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers for debt repayment and for general corporate purposes. While Bank of China contributed $182,500,000 USD to this loan, the following lenders also participated: Barclays Bank PLC ($182,500,000 USD), Citibank, N.A., London Branch ($182,500,000 USD), HSBC Bank plc ($182,500,000 USD), Bank of America, N.A. ($182,500,000 USD), The Royal Bank of Scotland plc ($182,500,000 USD), Sumitomo Mitsui Banking Corporation ($182,500,000 USD), Australia and New Zealand Banking Group Limited ($77,500,000 USD), Wells Fargo Bank International ($182,500,000 USD), BNP Paribas, London Branch ($182,500,000 USD), Commerzbank Aktiengesellschaft, London Branch ($182,500,000 USD), Danske Bank A/S, London Branch ($77,500,000 USD), ING Bank N.V., London Branch ($182,500,000 USD), Nordea Bank Finland Plc, London Branch ($77,500,000 USD), Intesa Sanpaolo S.p.A. ($77,500,000 USD), and Goldman Sachs Bank USA ($182,500,000 USD). In addition, the loan's guaranteed by WPP PLC, WPP 2008 Limited, WPP 2005 limited and WPP CP Finance PLC.