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Overview

Agricultural Bank of China contributes to rescheduling — via a 1.583 year-maturity extension — of a £700 million GBP syndicated revolving credit facility for Barratt Developments for refinancing purposes

Commitment Year•2014Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 17, 2014
Last repayment (originally scheduled)
Dec 17, 2019

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Barclays Bank PLC
  • First Commercial Bank Limited
  • HSBC Bank PLC
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Malayan Banking Berhad (Maybank)

State-owned Banks

  • Allied Irish Banks, p.l.c. (AIB)
  • Bank of Taiwan
  • Royal Bank of Scotland (RBS)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Barratt Developments PLC

Loan description

Agricultural Bank of China contributes to rescheduling — via a 1.583 year-maturity extension — of a £700 million GBP syndicated revolving credit facility for Barratt Developments for refinancing purposes

Interest type•UnknownMaturity•6.583 years

Narrative

Full Description

Project narrative

On May 14, 2013, a syndicate of 11 banks — including the Agricultural Bank of China (ABC) and the Industrial and Commercial Bank of China (ICBC) — signed a £700.0 million GBP syndicated revolving credit facility (RCF) agreement with Barratt Developments PLC — a British residential property developer and homebuilder — for refinancing purposes. This loan carried a maturity period of five years, though £150 million GBP would mature on June 30, 2016 while the remaining £550.0 million GBP would mature on May 14, 2018. Record ID#99135 captures ABC's contribution. Record ID#99136 captures ICBC's contribution. In addition to ABC and ICBC, the following lenders contributed to the loan syndicate: Barclays Bank, HSBC Bank, Lloyds Bank, Royal Bank of Scotland (RBS), Banco Santander, Allied Irish Banks (AIB), Bank of Taiwan, First Commercial Bank, and Malayan Banking Berhad (Maybank). Barclays, HSBC, Lloyds, and RBS served as bookrunners. Santander served as lead arranger. ABC, ICBC, AIB, Bank of Taiwan, First Commercial Bank, and Maybank served as arrangers. Lloyds Bank served as facility agent. As of June 30, 2013, no funds had been drawn down under this RCF. As of June 30, 2014, no funds had been drawn down under this RCF. On December 17, 2014, the lending syndicate signed an amendment agreement for the £700 million GBP RCF with Barratt Developments. As a result of this amendment agreement, the final maturity date was extended from May 14, 2018 to December 17, 2019 — a new maturity period of 6.583 years — and the £150 million GBP's portion's maturity date was extended from June 30, 2016 to December 29, 2017. Projects ID#99137 and #110881 capture this extension. As of June 30, 2015, no funds had been drawn down under this RCF. The RCF was again amended on June 30, 2016. As of June 30, 2016, no funds had been drawn down under this RCF. Then, on December 29, 2016, the lending syndicate signed an another amendment agreement for the £700 million GBP RCF with Barratt Developments. As a result of this amendment agreement, the final maturity date date was extended from December 17, 2019 to December 29, 2021 — a new maturity period of 8.583 years — and removed the £150 million GBP stepdown in facility size, setting its maturity period in line with the rest of the RCF. Santander was the mandated lead arranger of this amendment. Projects ID#99138 and #110882 capture this extension. As of June 30, 2017, no funds had been drawn down under this RCF. On November 22, 2018, the lending syndicate again entered into an amendment agreement for the £700 million GBP RCF with Barratt Developments, extending the maturity period to November 22, 2023. It is unclear whether ABC or ICBC were part of the syndicate at this point.

Staff comments

1. January 2017's "UK's Barratt adds two years to revolver" mentions ABC and ICBC as being part of the original banking syndicate in the context of two extensions. AidData has taken this as evidence that ABC and ICBC participated in these extensions, but not necessarily those past January 2017. They might have, but AidData has been unable to find direct evidence saying so. This issue merits further investigation.