Bank of China reschedules — via a 2021 one-year maturity extension — a £200 million GBP revolving credit facility to SSE plc for liquidity purposes, investment programs, and short-term funding requirements (Linked to Record ID#99630 and #99631)

Project narrative

In October 2019, the Bank of China (BOC) issued a bilateral £200 million GBP revolving credit facility (RCF) to SSE plc — a Scotland-based multinational energy company — for liquidity purposes, investment programs, and short-term funding requirements. This loan carried a maturity period of five years with two one-year extension options, a final maturity date in October 2024, and an interest rate based on an unspecified floating rate plus a margin. This RCF was a sustainability-linked facility, with the interest rate and feed dependent on SEE's performance on environmental, social, and governance (ESG) benchmarks, as assessed by Vigeo Eiris. The proceeds were to be used to serve as liquidity for SSE's day-to-day operations and investment programs and to cover short-term funding requirements. Record ID#99630 captures the original RCF. In September 2019, Vigeo Eiris' updated ESG for SSE rose from 51 to 62; as a result, the RCF had its interest rate margin reduced by 2.5 basis points (bps) In April 2020, the borrower drew £75 million GBP under this loan for short-term funding purposes. Between April 1, 2020 and September 30, 2020, per the extension option, BOC extended the maturity date of this RCF by one year — for a new maturity period of six years — to October 2025. Record ID#99631 captures this 2020 maturity extension. Then, between April 1, 2021 and September 30, 2021, per the extension option, BOC extended the maturity date of this RCF by one year — for a new maturity period of seven years — to October 2026. Record ID#99632 captures this 2021 extension.