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CMS advises Wells Fargo-led syndicate on EUR 1bn loan to Bank of China

04 July 2018

International law firm CMS has advised Wells Fargo as lead arranger of a ten bank syndicate on a EUR1.05bn facility for Bank of China, Luxembourg Branch for refinancing existing debt and general corporate purposes. The facility was originally targeted to be EUR 800m but was increased to accommodate the interest of more lenders than anticipated.

Operating in Europe since 1979, Bank of China Luxembourg functions as a European regional hub, with branches in the Netherlands, Belgium, Poland, Sweden and Portugal. It provides services to corporate clients across Europe, the Middle East, Africa as well as China supporting both European and Chinese businesses on their global expansion. The loan will be used for refinancing existing debt and general corporate purposes.

The other banks in the syndicate were Crédit Agricole, ING, Mizuho, Commerzbank, BNP Paribas, Citibank, Landesbank Baden-Württemberg (LBBW), Standard Chartered and First Abu Dhabi Bank.

Head of Banking & Finance, CEE Mark Segall led the CMS team. He commented: “The exceptional oversubscription on this financing shows the current liquidity of the European market and the favourable position of the Bank of China as a borrower. Undoubtedly it will prove a significant enhancement to Bank of China’s already successful operations in Europe. We were pleased to be able to support the lenders.”