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Overview

ICBC contributes to a £560 million GBP syndicated revolving credit facility to British Land for refinancing purposes

Commitments (Constant USD, 2023)$92,771,732
Commitment Year•2011Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2011
Last repayment (originally scheduled)
Apr 29, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Barclays Corporate and Investment Bank (Formerly Barclays Capital)
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • Credit Agricole S.A. (Crédit Agricole Group)
  • HSBC Bank PLC
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Svenska Handelsbanken AB

State-owned Banks

  • Royal Bank of Scotland (RBS)

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • The British Land Company plc

Loan description

May 2011 £560 million GBP syndicated revolving credit facility to British Land for refinancing purposes in the United Kingdom

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In May 2011, a syndicate of 11 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a £560 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 LIBOR plus a margin of 125 basis points (bps). The RCF was unsecured. The proceeds were to be used by the borrower to replace (refinance) a £720 million GBP RCF maturing in August 2011. Record ID#111059 captures BOC's contribution. Record ID#111060 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: Bank of America Merrill Lynch (BAML), Barclays Capital, Credit Agricole, HSBC Bank, Lloyds Bank, Royal Bank of Scotland (RBS), Banco Santander, S.A., Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), and Svenska Handelsbanken AB. BAML, Barclays Capital, Credit Agricole, HSBC, Lloyds Bank, RBS, and Santander served as mandated lead arrangers. BTMU served as lead arranger. BOC, ICBC, and Handelsbanken served as arrangers. The loan was oversubscribed and increased from its £300 million GBP target.

Staff comments

1. The individual contributions of the 11 lenders to this £560 million GBP syndicated revolver loan are unknown. For the time being, AidData has estimated the contribution of BOC and ICBC by assuming each contributed an equal amount (£50,909,090.9091 GBP) to the loan syndicate.