Bank of China contributes to a $900 million USD syndicated revolving credit facility to Meggit for refinancing purposes

Project narrative

On April 15, 2011, a syndicate of 12 banks — including the Bank of China (BOC), Bayerische Landesbank (BayernLB), Deutsche Bank AG, Banco Santander, S.A., and Crédit Agricole S.A. (Crédit Agricole Group) — entered into a $700 million USD syndicated revolving credit facility (RCF) agreement with Meggitt PLC — an England and Wales-incorporated aerospace company headquartered in Dorset, England and listed on the London Stock Exchange — for refinancing purposes. The RCF carried a maturity period of five years and a floating interest rate. The proceeds were used to replace (refinance) an existing $920 million USD facility originally set to mature in 2012. The facility was oversubscribed by an unknown amount. Record ID#99675 captures BOC's contribution. As of December 31, 2011, £77.3 million GBP was drawn under the RCF. As of December 31, 2012, £93.8 million GBP was drawn under the RCF. As of December 31, 2013, £186.4 million GBP was drawn under the RCF. In September 2014, a syndicate of 11 banks — including BOC — entered into a $900 million USD syndicated RCF agreement with Meggitt PLC for refinancing purposes. This RCF carried a maturity period of five years with two one-year extension options and a floating interest rate based on LIBOR. The proceeds were to be used to refinance the 2011 $700 million USD RCF. Record ID#99676 captures BOC's contribution. In addition to BOC, the following lenders contributed to the loan syndicate: BayernLB, Commerzbank AG, DBS Bank Ltd, Svenska Handelsbanken AB (SEB), BNP Paribas S.A., Bank of America Merrill Lynch, Barclays Bank Plc, Credit Mutuel, HSBC Bank, and JPMorgan Chase Bank. BayernLB, Commerzbank, DBS Bank, and SEB acted as arrangers. As of December 31, 2015, £215.2 million GBP was drawn under the RCF. As of December 31, 2016, £346 million GBP was drawn under the RCF. As of December 31, 2017, £255 million GBP was drawn under the RCF. As of December 31, 2018, £358.9 million GBP was drawn under the RCF. In 2015, the lending syndicate — including BOC — entered into an amendment agreement with the borrower; in the amendment, the lenders extended the maturity by the RCF by one year — a new maturity period of six years — to mature in 2020, in line with the first amendment option. Record ID#99677 captures BOC's contribution to the debt rescheduling. In 2016, the lending syndicate — including BOC — entered into an amendment agreement with the borrower; in the amendment, the lenders extended the maturity by the RCF by one year — a new maturity period of seven years — to mature in 2021, in line with the second amendment option. Record ID#99678 captures BOC's contribution to the debt rescheduling.