Narrative
Full Description
Project narrative
On April 21, 2017, a syndicate of 14 international banks — including ICBC (London) plc, Agricultural Bank of China (UK) Limited (ABCUK), and the London Branch of Bank of China (BOC) — signed an unsecured £360 million GBP (€430 million EUR) syndicated revolving credit facility (RCF) agreement with British property development and investment firm Hammerson plc. This RCF carried the following borrowing terms: a maturity of five years with an option to extend to seven years, an interest rate based on a floating rate plus a margin of 90 basis points (bps) (0.9%), and Hammerson's standard unsecured financial covenants. The proceeds from the RCF were to be used by the borrower to refinance an existing £175 million GBP (€209 million EUR) RCF maturing in April 2018 that featured an interest rate based on a floating rate plus a margin of 150 bps (1.5%), which was cancelled, resulting in a net increase of available bank facilities to £185 million GBP (€221 million EUR) for Hammerson. Record ID#92115 captures the London Branch of BOC's estimated contribution to the syndicated RCF; Record ID#92131 captures ICBC London's estimated contribution; and Record ID#92132 captures ABCUK's estimated contribution. In addition to ICBC London, ABCUK, and the London Branch of BOC, the following institutions participated in this syndicated loan: MUFG Bank, Ltd., Deutsche Bank AG, BNP Paribas S.A., First Commercial Bank Limited, J.P. Morgan Limited, The Royal Bank of Scotland PLC (RBS), Wells Fargo Bank, the London Branch of Bank of Taiwan, the London Branch of Chang Hwa Commercial Bank Limited, Crédit Industriel et Commercial (CIC), and the London Branch of Hua Nan Commercial Bank London Branch. MUFG acted as Coordinator for the facility and Deutsche Bank served as Facility Agent. BNP Paribas, First Commercial Bank Limited, ICBC London, J.P. Morgan Limited, RBS, and Wells Fargo Bank served as Mandated Lead Arrangers and Bookrunners.
Staff comments
1. The individual contributions of the 14 lenders to this £360 million GBP RCF are unknown. For the time being, AidData has estimated the contribution of the London Branch of BOC by assuming that the 14 lenders each contributed an equal amount (£25,714,285.7 GBP) to the loan syndicate.