Narrative
Full Description
Project narrative
On June 30, 2017, the London Branch of the Industrial Bank of China (ICBC) and ICBC (London) PLC (ICBC London) signed a £60 million GBP revolving credit facility (RCF) agreement with Everton Football Club — an English Premier League club — for working capital purposes. This RCF carried a maturity period of three years. The proceeds were to be used by the borrower to address its working capital requirements during the football season and reduce borrowing costs. Record ID#89412 captures the London Branch of ICBC's contribution. Record ID#92506 captures ICBC London's contribution.
Staff comments
1. ICBC (London) PLC (ICBC London) is a United Kingdom-registered bank. ICBC London is a wholly owned subsidiary of Chinese state-owned Industrial and Commercial Bank of China Limited (ICBC), which means that this bank is also state-owned. ICBC London was founded in 2003 and operates mainly as a wholesale bank, although it also provides retail banking services to individuals and small businesses, especially when is a connection to China. ICBC London is distinct from the similarly named Industrial and Commercial Bank of China Limited London Branch (often simply known as the London Branch), which is a bank branch of ICBC that was authorized to operate in the U.K. in 2014. 2. The individual contributions of the London Branch of ICBC and ICBC London to this syndicated £60 million GBP revolving credit facility are unknown. For the time being, AidData has estimated the contribution of the banks by assuming the lenders contributed equal amounts (£30 million GBP) to the syndicate.