ICBC provides £40 million revolving credit facility to Lowland Investment Company plc

Project narrative

Circa October 2020, Lowland Investment Company plc negotiated a new £40m unsecured, 2-year revolving credit facility with the Industrial and Commercial Bank of China (London Branch) to replace their expiring Scotiabank facility. The new ICBC facility, which bears interest at LIBOR plus 0.9% until 31 December 2021, at which point it will move to a risk-free rate, expires on 27 October 2022, and also makes provision for a conditional option to increase the facility by £20m. As of September 30, 2021 GBP 33.1m had been drawn down. On October 27, 2022, the facility expired and was not renewed. A new three year £40m loan facility, with an option to extend by up to £20m, was entered into with BNP Paribas, London Branch, on the same day.