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Overview

Bank of China (London Branch) contributes to a December 2017 £600 million GBP revolving credit facility to LSEG for general corporate purposes

Commitments (Constant USD, 2023)$102,816,744
Commitment Year•2017Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 11, 2017
Last repayment (originally scheduled)
Dec 10, 2022

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • HSBC Bank PLC
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Canada (RBC)
  • Santander UK plc (formerly Abbey National plc)
  • Wells Fargo Bank N.A.

State-owned Banks

  • National Westminster Bank Plc (NatWest)

Receiving agencies

Private Sector

  • London Stock Exchange Group Holdings (Italy) Limited
  • London Stock Exchange Group plc (LSEG)
  • LSEGH (Luxembourg) Limited

Guarantors

Private Sector

  • London Stock Exchange Group plc (LSEG)

Loan description

Bank of China contributes to a December 2017 £600 million GBP revolving credit facility to LSEG for general corporate purposes

Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On December 11, 2017, a syndicate of eight banks — including the London Branch of the Bank of China (BOC) — entered into a £600 million GBP revolving credit facility (RCF) agreement with London Stock Exchange Group plc (LSEG) — the British stock exchange and financial information company and owner of the London Stock Exchange — and its subsidiaries LSEGH (Luxembourg) Limited and London Stock Exchange Group Holdings (Italy) Limited for general corporate purposes. This loan carried a maturity period of five years with two one-year maturity extensions at the lenders' option and borrower's request and a floating interest rate based on LIBOR or EURIBOR at signing plus a margin of 0.30% per annum. The RCF is unsecured but guaranteed by LSEG. By October 2020, the RCF had been partially drawn. Record ID#99090 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: The Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU), National Westminster Bank plc (NatWest), Santander UK plc, Barclays Bank, HSBC Bank plc, Royal Bank of Canada (RBC), and the London Branch of Wells Fargo Bank, National Association. Sometime between December 11, 2017 and October 14, 2020, the lenders exercised the maturity period extension options, extending the maturity period of the £600 million GBP RCF by two years to seven years. Record ID#99091 captures the extension.

Staff comments

1. The individual contribution of the eight lenders to this £600 million GBP syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount (£75,000,000 GBP) to the syndicated loan. 2. A 6-month LIBOR was assumed, as the RCF was originally denominated in GBP. The average 6-month GBP LIBOR for December 2017 was 0.734%. Therefore, the interest rate has been coded as 0.579% plus 0.3%, or 0.879%.