Bank of China (London Branch) contributes to debt rescheduling — via a one-year maturity extension of $700 million USD — of a $800 million USD revolving credit facility to Tate & Lyle for general corporate purposes

Project narrative

On July 3, 2014, a syndicate of banks entered into a $800,000,000 USD revolving credit facility (RCF) agreement with Tate & Lyle PLC — a United Kingdom-based supplier of food and beverage products — and Tate & Lyle International Finance PLC — a wholly owned subsidiary of Tate & Lyle PLC — for general corporate purposes. This RCF was amended on July 9, 2014, and then amended and restated on March 8, 2019, and then again with a syndicate of eight banks — including the London Branch of the Bank of China (BOC) — on May 11, 2020. The proceeds of the RCF were to be used by the borrowers for general corporate purposes. Each drawing under the RCF agreement was repayable on the last day of its interest period and carried an interest rate based on the aggregate of LIBOR or EURIBOR (if in euro) plus an applicable margin that ranges from between 0.25% to 0.80% per annum depending on the long-term credit ratings of the Tate & Lyle Group as assigned by Moody's and S&P and the subject to an adjustment based on performance on certain sustainability benchmarks (as of September 9, 2021, the margin was 0.415%). This loan carried a commitment fee of 0.35% of the margin applicable on the available revolving commitment and utilization fees to the extent the facility was drawn. The loan contained customary prepayment provisions, including mandatory prepayments events in case of illegality, a disposal of all or substantially all the assets of Tate & Lyle group, or a change in control of its company. In May 2020, the maturity period was extended by one year to March 2025 (six years) from March 2024 (five years) (per the 2019 amendment and restatement). Record ID#99938 captures BOC's contribution. In addition to the London Branch of BOC, the following lenders contributed to the loan syndicate: Bank of America Merrill Lynch DAC, BNP Paribas S.A., the London Branch of Citibank N.A., Coöperatieve Rabobank U.A (Rabobank London), Handelsbanken plc acting through London Large Corporates Branch, Mizuho Bank, Ltd., and the London Branch of Wells Fargo Bank, N.A. Coöperatieve Rabobank U.A. served as agent. Then, in March 2021, the lending syndicate — including BOC — entered into another amendment agreement with Tate & Lyle; in this agreement, the lenders extended the maturity period of $700,000,000 USD by one year to March 8, 2026 (a new maturity period of seven years). Record ID#99940 captures this rescheduling. As of September 9, 2012, this $100,000,000 USD was available for utilization until March 8, 2025 and $700,000,000 USD was available for utilization until March 8, 2026. March 8, 2026 was the termination date. As of September 9, 2021, this RCF remained undrawn.