Bank of China contributes to a £420 million GBP syndicated revolving credit facility for Hammerson for refinancing purposes (Linked to Record ID#92256)

Project narrative

On April 22, 2016, a syndicate of eight international banks — including the London Branch of Bank of China (BOC) and the London Branch of China Construction Bank Corporation (CCB) — signed an £420 million GBP unsecured syndicated revolving credit facility (RCF) agreement with British property development and investment company Hammerson plc. This RCF carried a maturity period of five years with an option to extend to seven years, an interest rate based on LIBOR plus an initial margin of 90 basis points (bps), and Hammerson's standard unsecured financial covenants. This £420 million GBP RCF refinanced an existing £150 million RCF that had a final maturity date in April 2017 and a margin of 150 bps; the canceling of the £150 million RCF left Hammerson with a net increase of £270 million GBP of undrawn facilities, which were to be used to partially refinance a €1.5 billion EUR RCF Hammerson had used to invest in Ireland and Birmingham. Record ID#92255 captures the London Branch of BOC's contribution to the RCF. Record ID#92256 captures the London Branch of CCB's contribution. In addition to the London Branches of BOC and CCB, the following banks contributed to this RCF: Lloyds Bank plc, HSBC Bank plc, Mizuho Bank Ltd, Wells Fargo Bank International Unlimited Company (WFBI), Barclays Bank plc, and Crédit Industriel et Commercial (CIC). The London Branches of BOC and CCB, Lloyds, Mizuho, and WFBI served as Mandated Lead Arrangers and Bookrunners. Lloyds served as the Coordinator. HSBC served as Facility Agent.