Bank of China contributes to EUR 200 million syndicated revolving credit facility with Globalworth Real Estate in October 2019

At the end of October 2019, Globalworth Real Estate—a private real estate firm in Romania—signed a EUR 200 million unsecured syndicated revolving credit facility (RCF) with Bank of China and six additional banks. According to a Globalworth Real Estate Interim Report released in June 2021, the RCF terms align with the Company’s existing Euro Medium Term Note (EMTN) program for fixed-rate bonds. The facility carried a 4.5-year maturity, and following the Company’s EMTN program, it had an estimated interest rate of 6-month LIBOR plus a 0.5% margin. J.P. Morgan Securities Plc arranged the RCF, and the participating banks include Bank of China, Banca Transilvania S.A., BRD Groupe Societe Generale S.A., Deutsche Bank, JPMorgan Chase Bank, N.A., Intesa Sanpaolo, and Raiffeisen Bank International AG. On March 18, 2020, the full amount of the RCF was drawn down to strengthen the liquidity during the pandemic period. However, following the successful Bond issuance, the €200 million outstanding balance on the RCF was repaid in full on 13 August 2020. In July 2020, the Group exercised its option to increase the RCF credit line by €15 million under a pre-existing commitment from the syndicate of Banks; thus, as of 30 June 2021 and 31 December 2020, the entire RCF facility of €215 million was available for utilization until 31 March 2024, with a maturity date of 30 April 2024.

Additional details

1. Bank of China’s exact contribution to the syndicated loan is currently unknown. Therefore, for the time being, AidData assumed equal contributions (EUR 28,571,428.57) across the seven members of the syndicate and coded the transaction amount accordingly. 2. The LIBOR rate is not identified in reports, so the average 6-month LIBOR rate from October 2019 is used in the interest calculation, which is 1.957%. Therefore, the total interest rate is 1.957% + 0.5% (the margin stated in p.131 of EMTN Globalworth report). AidData has estimated an interest rate of 2.457% through the presented calculation.

Number of official sources

4

Number of total sources

9