Bank of China contributes to a $805 million USD syndicated revolving credit facility for British Airways for general corporate purposes (Linked to Record ID#92172)

Project narrative

In October 2012, a syndicate of 12 banks — including the Industrial and Commercial Bank of China (ICBC) and the Bank of China (BOC) — signed a three-year secured $805 million USD (€626 million EUR) syndicated revolving credit facility (RCF) agreement with British Airways PLC (BA) — the flag carrier airline of the United Kingdom and wholly-owned subsidiary of International Consolidated Airlines Group S.A., popularly known as International Airlines Group (IAG), a British-Spanish multinational airline holding company incorporated in Spain, headquartered in London, the United Kingdom, and listed on the London Stock Exchange and the Madrid Stock Exchange that owns Iberia and British Airways plc — for general corporate purposes. This RCF carried a maturity of three years and a final maturity date in October 2015, was secured by (i.e. collateralized against) British Airways' unencumbered vintage aircraft and engine assets. The RCF included an accordion feature that could upsize its value to $1 billion USD. Record ID#92172 captures ICBC's contribution; Record ID#92176 captures BOC's contribution. In addition to ICBC and BOC, the following banks participated in this syndicated RCF: Citigroup Global Markets, Inc., Morgan Stanley, Royal Bank of Scotland (RBS), UBS AG, Deutsche Bank, Crédit Agricole Corporate and Investment Bank (CACIB), Commerzbank Aktiengesellschaft, Banco Santander S.A., Barclays, and HSBC. Citigroup Global Markets, Inc. acted as the sole structuring agent, lead arranger, bookrunner, and facility agent. In 2015, British Airways refinanced this RCF, alongside two other facilities, into a five-year $1.75 billion USD credit facility provided by Citi and MUFG Bank.