Bank of China contributes to $1.36 billion USD syndicated revolving credit facility to Ferguson PLC and subsidiary for debt refinancing and general corporate purposes in 2022 (Linked to Record ID#110743)

Project narrative

On March 10, 2020, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China — entered into a $1.1 billion USD multicurrency revolving loan agreement with Ferguson plc and Wolseley Limited, a UK-based distributor of plumbing and heating products and a leading supplier of building materials. The facility had a maturity of five years and bore interest at LIBOR plus an applicable margin. Ferguson plc and Wolseley Limited also served as guarantors for the loan. The proceeds were used by the borrowers to fully repay or prepay an existing credit facility, and following that repayment, for general corporate purposes of the Ferguson Group — including repayment of other existing financial indebtedness within the group. While Bank of China contributed to this loan (Record ID#110743), the following lenders also participated: Barclays Bank PLC, BNP Paribas London Branch, ING Bank N.V. London Branch, Bank of America Merrill Lynch International DAC, Fifth Third Bank NA, JPMorgan Chase Bank NA London Branch, PNC Bank NA, RBC Europe Limited, Sumitomo Mitsui Banking Corporation London Branch, and The Toronto-Dominion Bank London Branch. On October 7, 2022, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China — entered into a $1.35 billion USD syndicated loan agreement with Ferguson plc, a UK-based multinational distributor of plumbing and heating products. The facilities comprised a $1.1 billion USD revolving credit facility and a $250 million USD accordion feature. The maturity of the facility was set at five years, and the interest rate was LIBOR plus an applicable margin. This agreement refinanced and replaced the earlier $1.1 billion USD multicurrency revolving credit facility signed in March 2020. The proceeds were to be applied by the borrowers toward refinancing the prior facility in full and subsequently used for the general corporate purposes of the Ferguson Group — including repayment of existing indebtedness and operational financing needs. While Bank of China contributed to this loan (Record ID#110744), the following lenders also participated: Barclays Bank PLC, BNP Paribas New York Branch, ING Bank N.V. London Branch, Fifth Third Bank NA, JPMorgan Chase Bank NA London Branch, PNC Bank NA, RBC Europe Limited, Sumitomo Mitsui Banking Corporation London Branch, and The Toronto-Dominion Bank London Branch.