Bank of China contributes to a £790 million GBP syndicated revolving credit facility to British Land for refinancing purposes

Project narrative

In July 2005, a syndicate of 25 banks — including the Bank of China (BOC) — entered into a £790 million GBP syndicated revolving credit facility (RCF) agreement with The British Land Company plc — a British property development and investment company — for refinancing purposes. The RCF carried a maturity period of five years and an interest rate based on a variable rate plus a margin of 47.5 basis points (bps). The proceeds were to be used to refinance a £240 million GBP facility signed in March 2001. In addition to BOC, the following lenders contributed to the loan syndicate: Calyon, Eurohypo AG, HSBC Bank PLC, Lloyds TSB, Mizuho Bank, Royal Bank of Scotland (RBS), WestLB AG, Landesbank Hessen-Thüringen (Helaba), BNP Paribas S.A., Commerzbank AG, Fortis Bank, Nationwide Building Society, Royal Bank of Canada (RBC), Banque Européenne Crédit Mutuel (BECM), Landesbank Baden-Württemberg (LBBW), Société Générale Corporate and Investment Banking (SGCIB), Sumitomo Mitsui Banking Corporation (SMBC), Wachovia Bank, N.A., Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), the Norinchukin Bank, Landesbank Saar, Banque et Caisse d'Épargne de l'État (Spuerkeess), and Svenska Handelsbanken AB. Calyon, Eurohydro, HSBC, Lloyds TSB, Mizuho, RBS, and WestLB served as mandated lead arrangers. Helaba, BNP Paribas, Commerzbank, Fortis, Nationwide Building Society, and RBC served as co-arrangers. BOC, BECM, LBBW, SGCIB, SMBC, and Wachovia Bank served as lead managers. Bank of Ireland, BTMU, Norinchukin Bank, and Landesbank Saar served as managers. Spuerkeess and Handelsbanken were participants. The loan was increased by £290 million GBP following an oversubscription.