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Overview

Bank of China contributes to a £300 million GBP syndicated loan to SSP Group plc for debt refinancing and working capital purposes

Commitments (Constant USD, 2023)$23,306,141
Commitment Year•2023Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 18, 2023
Start (actual)
Jul 18, 2023

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)

Cofinancing agencies

Private Sector

  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Bank of America Corporation
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Citibank International plc
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Fifth Third Bank
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • LCL S.A. (formerly Le Crédit Lyonnais)
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Mediobanca - Banca di Credito Finanziario S.p.A.
  • Mizuho Bank, Ltd.
  • Royal Bank of Canada (RBC)
  • Skandinaviska Enskilda Banken AB (SEB)

Receiving agencies

Private Sector

  • SSP Group plc

Loan description

Bank of China contributes to a £300 million GBP syndicated loan to SSP Group plc for debt refinancing and working capital purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2023, SSP Group plc—a UK-based operator of food and beverage outlets—signed a £300 million GBP syndicated revolving credit facility (RCF) with a group of Chinese and non-Chinese banks for corporate debt refinancing and working capital purposes. The exact terms of the loan are unknown. Participants in the loan syndicate included BBVA, Bank of America, Barclays, BNP Paribas, Commerzbank, Rabobank, Fifth Third Bank, HSBC, Lloyds, Mizuho, Royal Bank of Canada, SEB, Bank of China, Citibank, Credit Lyonnais, and Mediobanca.

Staff comments

1. The individual contributions of the 16 lenders to this £300 million GBP syndicated loan are unknown. To estimate BOC's contribution, AidData has assumed that each lender contributed equally (£18,750,000 GBP) to the loan syndicate.