ICBC (London Branch) contributes to debt restructuring — via a one-year maturity extension — of a £1.4 billion GBP syndicated revolving credit facility for Heathrow Airport's investment programme and capital markets issuance

Project narrative

In October 2014, a syndicate of 22 lenders — including the London Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a £2.15 billion GBP syndicated revolving credit facility (RCF) agreement with Heathrow Airport Holdings Limited — an England and Wales-incorporated holding company that owns and operates Heathrow Airport in Hillingdon, London, England — to support, among other things, Heathrow's investment programme and capital markets issuance. The facilities were divided into three tranches: a £1.1 billion GBP Class A (senior) RCF tranche, a £300 million Class B (junior) RCF tranche, and a £750 million GBP standby liquidity facility tranche. This RCF carried a maturity period of five years and a final maturity date in November 2019. This RCF replaced Heathrow's previous RCF at a lower cost. Record ID#92028 captures ICBC's contribution. In addition to the London Branch of ICBC, the following lenders contributed to the loan syndicate: JPMorgan, Lloyds Bank, Barclays Bank, Bank of America Merrill Lynch (BAML), BNP Paribas S.A., Canadian Imperial Bank of Commerce (CIBC), Commonwealth Bank of Australia (CBA), Crédit Agricole, Crédit Industriel et Commercial (CIC), Credit Suisse AG, Deutsche Bank AG, HSBC Bank, Morgan Stanley, National Australia Bank (NAB), Royal Bank of Canada (RBC), Royal Bank of Scotland (RBS), Banco Santander, the Bank of Nova Scotia (Scotiabank), ICBC, Société Générale S.A. (SocGen), Toronto-Dominion Bank (TD Bank), and UBS AG. JPMorgan and Lloyds served as mandated lead arrangers. Barclays, BAML, BNP Paribas, CIBC, CBA, Crédit Agricole, CIC, Credit Suisse, Deutsche Bank, HSBC, Morgan Stanley, NAB, RBC, RBS, Banco Santander, Scotiabank, SocGen, TD Bank, and UBS served bookrunners. ICBC also served as a mandated lead arranger. In February 2016, the syndicate of 22 lenders — still including ICBC — entered into an agreement with Heathrow Airport Holdings to extend the maturity of the £1.4 billion GBP RCF (the combined £1.1 billion GBP Class A RCF and £300 million Class B (junior) RCF tranches) by one year (an extension from five years to six years), extending the final maturity date from November 2019 to November 2020. Record ID#98958 captures ICBC's contribution to this extension.