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Overview

Bank of China provides a £100 million GBP revolving credit facility to SSE plc for liquidity purposes (Linked to Record ID#99641, #99642, #100274, #99643, #100275, #99644, #100276, #99645, and #100277)

Commitments (Constant USD, 2023)$216,485,147
Commitment Year•2009Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2009
Last repayment (originally scheduled)
Jun 1, 2012

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)

Receiving agencies

Private Sector

  • SSE Plc.

Loan description

Bank of China provides a £100 million GBP revolving credit facility to SSE plc for liquidity purposes

Interest type•UnknownMaturity•3.166 years

Narrative

Full Description

Project narrative

In or around April 2009, the Bank of China (BOC) entered into a bilateral £100 million GBP revolving credit facility (RCF) agreement with SSE plc — a Scotland-based multinational energy company — for liquidity purposes. This loan carried a maturity period of 3.166 years and a final maturity date in June 2012. This RCF was intended to serve as a liquidity backstop to SSE's commercial paper issuance. Record ID#99640 captures the original RCF. Then, between April 1, 2010 and March 31, 2011, BOC entered into an agreement with SSE to amend the £100 million GBP RCF; in the amendment, BOC reduced the interest rate and extended the final maturity date by 3.166 years — for a new maturity period of 6.333 years — to August 2015. Record ID#99641 captures this extension. In April 2013, BOC entered into an agreement with SSE to amend the £100 million GBP RCF; in the amendment, BOC up-sized the RCF with SSE, raising the RCF's face value by £100 million GBP to £200 million GBP and extended the final maturity date by 2.666 years — for a new maturity period of nine years — to April 2018. The up-sized portion carried a maturity period of five years. Record ID#99642 captures this extension. Record ID#100274 captures the £100 million GBP up-sizing. Then, between April 1, 2015 to March 31, 2016, BOC entered into an agreement with SSE to amend the £200 million GBP RCF; in the amendment, BOC extended the final maturity date by 2.583 years — for a new maturity period of 11.583 years — to November 2020 for the original £100 million GBP portion. Furthermore, BOC extended the final maturity date by 2.583 years — for a new maturity period of 7.583 years — to November 2020 for up-sized £100 million GBP portion. Record ID#99643 captures the extension for the original £100 million GBP portion. Record ID#100275 captures the extension for the up-sized £100 million GBP portion. Then, between April 1, 2016 to March 31, 2017, BOC entered into an agreement with SSE to amend the £200 million GBP RCF; in the amendment, BOC extended the final maturity date by one year — for a new maturity period of 12.583 years — to November 2021 for the original £100 million GBP portion. Furthermore, BOC extended the final maturity date by one year — for a new maturity period of 8.583 years — to November 2021 for up-sized £100 million GBP portion. Record ID#99644 captures the extension for the original £100 million GBP portion. Record ID#100276 captures the extension for the up-sized £100 million GBP portion. Then, in October 2017, BOC entered into an agreement with SSE to amend the £200 million GBP RCF; in the amendment, BOC extended the final maturity date by one year — for a new maturity period of 13.583 years — to November 2022 for the original £100 million GBP portion. Furthermore, BOC extended the final maturity date by one year — for a new maturity period of 9.583 years — to November 2022 for up-sized £100 million GBP portion. Record ID#99645 captures the extension for the original £100 million GBP portion. Record ID#100277 captures the extension for the up-sized £100 million GBP portion. As of March 31, 2018, the RCF was undrawn.

Staff comments

1. In October 2019, BOC issued a bilateral five-year £200 million GBP RCF to SSE plc that, if not refinancing the previous RCF, replaced it until it matured in November 2022. Record ID#99630 captures that loan.