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Overview

ICBC contributes £100 million GBP to a £260 million GBP syndicated loan to Heathrow Finance for general corporate purposes

Commitments (Constant USD, 2023)$134,338,072
Commitment Year•2018Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 22, 2018
Last repayment (originally scheduled)
Aug 20, 2025

Geospatial footprint

Map overview

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The proceeds were to be used by the borrower for general corporate purposes related to Heathrow Airport. More detailed locational information can be found at https://www.openstreetmap.org/relation/14001268

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banca IMI S.P.A.
  • ING Bank N.V.
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Heathrow Finance plc

Loan desecription

ICBC contributes £100 million GBP to a £260 million GBP syndicated loan to Heathrow Finance for general corporate purposes

Interest type•UnknownMaturity•6.75 years

Narrative

Full Description

Project narrative

On November 22, 2018, a syndicate of four lenders — the Industrial and Commercial Bank of China (ICBC), ING Bank N.V., Sumitomo Mitsui Banking Corporation (SMBC), and Banca IMI — signed a £260.00 million GBP ($337.85 million USD) syndicated loan agreement with Heathrow Finance plc — an England and Wales-incorporated special purpose vehicle wholly owned by LHR Airports Limited, an England and Wales-incorporated wholly-owned subsidiary of Heathrow Airport Holdings Limited, an England and Wales-incorporated holding company that owns and operates Heathrow Airport in Hillingdon, London, England — for general corporate purposes. This loan consisted of three facilities: a £125.00 million GBP ($162.43 million USD) term loan tranche with a maturity period of eight years and six months (8.5 years) provided by SMBC (£75.00 million GBP; $97.46 million USD) and ING (£50.00 million GBP; $64.97 million USD), a £35.00 million GBP ($45.48 million USD) term loan tranche with a maturity period of six years and nine months (6.75 years) provided solely by Banca IMI, and a £100.00 million GBP ($129.94 million USD) term loan tranche with a maturity period of six years and nine months (6.75 years) provided solely by ICBC. The debt was mezzanine debt.

Staff comments

1. Heathrow Airport Holdings Limited is the owner and operator of Heathrow Airport. The ultimate parent entity of Heathrow Airport Holdings Limited is FGP Topco Limited. The shareholders of FGP Topco Limited as of December 31, 2018 were Hubco Netherlands B.V. (25.00%) (indirect subsidiary of Ferrovial, S.A., Spain), Qatar Holding Aviation (20.00%) (a wholly owned subsidiary of Qatar Holding LLC, which is wholly owned by Qatar sovereign wealth fund's Qatar Investment Authority (QIA)), Caisse de dépôt et placement du Québec (12.62%), Baker Street Investment Pte Ltd (11.20%) (an investment vehicle of the Government of Singapore Investment Corporation), QS Airports UK, LP (11.18%) (investment vehicles managed by Alinda Capital Partners), Stable Investment Corporation (10.00%) (an investment vehicle of Chinese sovereign wealth fund, China Investment Corporation (CIC)) and USS Buzzard Limited (10.00%) (wholly-owned by the Universities Superannuation Scheme).