CMS has advised Wells Fargo as lead arranger, together with Credit Agricole, ING, Mizuho, Commerzbank, BNP Paribas, Citibank, LBBW, Standard Chartered, and First Abu Dhabi Bank, on a EUR 1.05 billion facility for Bank of China, Luxembourg Branch, for refinancing its existing debt and other general corporate purposes.
The facility was originally targeted to be EUR 500 million, but was oversubscribed and therefore increased to accommodate the interest of more lenders than originally 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, and it provides services to corporate clients across Europe, the Middle East, Africa, and China.
CMS Partner Mark Segall commented: “The exceptional oversubscription on this financing is a clear sign of the current liquidity of the European market and the favorable position of the Bank as China as a borrower. It will undoubtedly prove a significant enhancement to Bank of China’s already successful operations in Europe."
The CMS team included Warsaw-based Partner Mark Segall, Luxembourg-based Partners Vivian Walry and William Jean-Baptiste, Senior Associates Jakub Rachwol and Vera Zhang, Lawyer Roksana Pietrzak, and Senior Lawyer Nicolas Gerique.