Bank of China contributes to debt rescheduling — via a one-year extension in 2023 — to £200 million GBP syndicated revolving credit facility to Restore for refinancing and working capital purposes

Project narrative

On January 18, 2022, a syndicate of six banks — including the Bank of China (BOC) — entered into a £200 million GBP syndicated unsecured multi-currency revolving credit facility (RCF) agreement with Restore plc — an England and Wales-incorporated support services company operating in information management and technology headquartered in London, the United Kingdom and listed on the London Stock Exchange — for refinancing and working capital purposes. This RCF carried a maturity period of three years with two one-year extension options and a final maturity date of April 30, 2025 and a variable interest rate based on SONIA plus a credit adjusted spread and a margin of 1.80% which could vary depending on the group's leverage. The RCF included a £50 million GBP accordion option and a £1.5 million GBP overdraft facility with Barclays Bank. The proceeds were used by the borrower to refinance an existing RCF and to provide for working capital purposes. Record ID#99763 captures BOC's contribution. In addition to BOC, the original lenders were: Barclays, Bank of Ireland, Clydesdale Bank, Citibank, and Royal Bank of Scotland (RBS). Then, at some point in 2022, RBS dropped out and was replaced by National Westminster Bank (NatWest). On January 27, 2023, the lending syndicate — including BOC — entered into an amendment agreement with the borrower; in the amendment, the lenders extended the maturity by the RCF by one year — a new maturity period of four years — to mature on April 30, 2026, in line with the first amendment option. Record ID#110792 captures BOC's contribution to the debt rescheduling. As of December 31, 2023, £97 million GBP was drawn under the RCF. In 2024, Restore voluntarily cancelled £75 million GBP of the RCF, which was decreased to £125 million GBP, and the RCF was extended again to April 30, 2027.