Overview

ICBC provides a £85.3 million GBP loan to RIT Capital Partners plc

Commitments (Constant USD, 2023)$112,565,931

Commitment Year•2019Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2019

Last repayment (originally scheduled): Nov 30, 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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

RIT Capital Partners plc

Loan description

ICBC provides a £85.3 million GBP loan to RIT Capital Partners plc

Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•3 years

Narrative

Full Description

Project narrative

In December 2019, RIT Capital Partners plc and the Industrial and Commercial Bank of China agreed to a £85.3 million GBP three-year term credit facility. The loan details and purpose of this loan is unknown. These types of facility (RCF) are typically flexible as to currency, duration, and number of drawdowns, and bear interest linked to the three-month LIBOR rate (or equivalent) relevant to the drawn currency. As this type of loan is drawn in tranches with tenors less than one year it is classified within current liabilities according to standards set by RIT.