Bank of China contributes £25 million GBP to a £340 million GBP syndicated revolving credit facility to Hammerson for general corporate and refinancing purposes

Project narrative

On April 23, 2007, it was announced that a syndicate of 14 banks — including the London Branch of the Bank of China (BOC) — signed a £340,000,000 GBP syndicated revolving credit facility (RCF) agreement with Hammerson plc — a British property development and investment company — for general corporate purposes. This loan carried a maturity period of five years with a two-year extension option at the lenders' discretion and carried an interest rate of LIBOR plus a margin of 37.5 basis points (bps). The proceeds were to be used by the borrower for general corporate purposes and to refinance and replace a £230 million GBP facility due to expire in June 2009 that was cancelled after the commitment of the new RCF. There were 13 mandated lead arrangers to this loan, each contributing £25,000,000 GBP to the loan syndicate. The London Branch of BOC, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Barclays Capital, BNP Paribas S.A., the London Branch of Deutsche Bank AG, London Branch, Dresdner Kleinwort Limited, Fortis Bank S.A./N.V., HSBC Bank plc, JP Morgan Plc, Lloyds TSB Bank plc, The Royal Bank of Scotland plc (RBS), Wachovia Bank, National Association, the London Branch of Westdeutsche Immobilienbank AG. HSH Nordbank AG, London Branch served as the sole arranger and contributed £15,000,000 GBP to the loan syndicate. In 2011, Hammerson entered into a £505 million GBP RCF agreement that was used to replace and refinance existing undrawn facilities of £670 million GBP due to mature in 2011 to 2013, likely include the £340 million GBP RCF.