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Overview

ICBC provides £85 million revolving credit facility to Henderson Smaller Companies Investment Trust plc

Commitments (Constant USD, 2023)$107,372,656
Commitment Year•2021Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 7, 2021
Last repayment (originally scheduled)
Feb 7, 2023

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

  • Henderson Smaller Companies Investment Trust plc

Loan description

ICBC provides £85 million revolving credit facility to Henderson Smaller Companies Investment Trust plc

Interest rate (t₀)•0.856%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

As at 31 May 2021, Henderson Smaller Companies Investment Trust plc had access to a two-year revolving £85 million committed loan facility from Industrial and Commercial Bank of China Limited London Branch (“ICBC”). As this On January 1, 2022, the interest rate on exposure changed from 0.85% per annum plus LIBOR (after an initial change of 0.65% plus LIBOR to 0.85% plus LIBOR sometime in 2021) to 0.85% plus SONIA (Sterling Overnight Index Average). On February 7, 2023, the RCF with ICBC expired, so the Board held a competitive tender for provision of a £85 million revolving credit facility (“RCF”). The Board reviewed proposals from several potential lenders. BNP Paribas, London Branch, provided the most competitive terms for a one-year RCF and consequently was engaged on February 8, 2023 following expiry of the ICBC contract. The Company had drawn down £50,268,000 under this facility as at 31 May 2022, and there had been £50.7 million total drawn down at 31 May 2023.

Staff comments

1. Since this was a two-year RCF, AidData assumes the commitment date was two years prior to contract expiration, February 7, 2021. 2. AidData records the interest rate at signing: 0.65% plus the average 6M LIBOR in February 2021 (0.65% + 0.206% = 0.856%).