Bank of China contributes $46.11 million to Tranche C of $2.16 billion credit facility to Amec for refinancing and corporate acquisition purposes (Linked to Record ID#99679, #99681)

Project narrative

On March 28, 2014, Bank of China (BOC), through its London branch, contributed $106.1 million to a $2.16 billion credit facility to Amec (a British multinational consultancy, engineering and project management company headquartered in London). The loan was split across four tranches. Tranches A through C refinanced a previous loan and funded the company's acquisition of Foster Wheeler (a Swiss engineering firm). A revolving credit facility tranche provided working capital for all purposes separate from any funded by Tranches A-C. Tranche A, sized at $250 million, had a maturity of eighteen (18) months and an interest rate of a margin between 0.50%-1.80% plus contemporary LIBOR or EURIBOR. Tranche B, sized at $830 million, had a maturity of twelve (12) months and an interest rate of a margin between 0.90%-2.90% plus contemporary LIBOR or EURIBOR, subject to increases based on Amec's contemporary Moody's credit rating. Tranche C, sized at $830 million, had a maturity of five (5) years and an interest rate of a margin between 1.00%-2.05% plus contemporary LIBOR or EURIBOR. The revolving credit facility, sized at $250 million, had a maturity of 18 months after the completion of the acquisition and an interest rate of a margin between 0.70%-1.80% plus contemporary LIBOR or EURIBOR. BOC participated in Tranche B (captured via Record ID#99679), Tranche C (captured via Record ID#99680), and a revolving credit facility tranche (captured via Record ID#99681). Twenty-three (23) institutions participated in the lending syndicate. Bank of America Merrill Lynch, Barclays, MUFG Bank, Royal Bank of Scotland (RBS), and Santander acted as mandated lead arrangers (MLAs) and were the only institutions contributing to Tranche A, with individual contributions of $62.5 million. Bank of America Merrill Lynch also acted as global coordinator and facility agent. These institutions, along with Australia and New Zealand Banking Group (ANZ), Bank of China (BOC), BNP Paribas, Citibank, Commerzbank, Credit Agricole, Lloyds, and the Royal Bank of Canada (RBC), each contributed $46.11 million to Tranche B, $46.11 million to Tranche C, and $18.23 million to the revolving credit facility. BBVA, Credit Industriel, Deutsche Bank, DNB Bank, HSBC Bank, Intesa Sanpaolo, National Bank of Abu Dhabi (NBA), Sumitomo Mitsui Banking Corporation (SMBC), TD Bank, and Wells Fargo each contributed $23.055 million to Tranche B, $23.055 million to Tranche C, and $11.29 million to the revolving credit facility. Amec, Amec Group, Amec Nuclear UK, Amec Americas, Amec Environment & Infrastructure, Amec Kamtech, and Amec Oil & Gas acted as guarantors. Contributions to the revolving credit facility were originally $13.88 million and $6.94 million each respectively before being upsized to their final amounts on July 4, 2014. AMEC completed its purchase of Foster Wheeler on November 13, 2014, marking the move by changed its name to AMEC Foster Wheeler.