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Overview

Industrial and Commercial Bank of China contributes $25 million to $105 million working capital facility to Marex Spectron (Linked to Record ID#99823 and #99825)

Commitments (Constant USD, 2023)$26,603,160
Commitment Year•2017Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 26, 2017

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank Leumi Le-Israel
  • Barclays Bank PLC
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)

State-owned Banks

  • Allied Irish Banks, p.l.c. (AIB)

Receiving agencies

Private Sector

  • Marex Group plc

Loan description

Industrial and Commercial Bank of China contributes to $105 million working capital facility to Marex Spectron

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 26, 2017, a syndicate of banks, including the London Branch of Industrial and Commercial Bank of China (ICBC), entered into a $105 million syndicated revolving working capital facility to Marex Spectron, a financial services company (#99820). Other financial details about the loan are currently unknown. Lloyds Bank, Bank Leumi, and Barclays, which contributed $15 million, which had participated in a previous $65 million working capital facility, also contributed to the new facility. Allied Irish Bank (AIB) joined along with ICBC. ICBC contributed $25 million USD, Barclays contributed $15 million USD, AIB contributed $15 million USD. On September 29, 2017, the facility, with the same lenders, was expanded to $115 million due to Barclays increasing their contribution to $25 million. Then, on May 1, 2018, the facility was expanded to $125 million, with each lender contributing $25 million (ID#99823). Marex Spectron also gained access to $10 million in same day liquidity. On March 6, 2019, the facility was again expanded to $165 million, and the same day covenant was expanded to $35 million (#99825). Each lender contributed $35 million, with the exception of Allied Irish Bank, which contributed $25 million.