Practice Areas - International Finance and Bank Credit Law Firms and Lawyers
| Deal Date: | 14-10-2020 | Practice Area: | International Finance and Bank Credit |
| Deal Title: | Risk Free Rate Syndicated Loan Facility for Tesco plc | Industry: | Food & Drug Retailers |
| Description: |
Allen and Overy advised BNP Paribas (as Sole Coordinator and Sustainability Coordinator) and NatWest (as Risk Free Rate (RFR) Manager and Facility Agent) to successfully finance a new GBP2.5 billion multi-currency three-year RFR syndicated loan facility for Tesco plc.
This was the first syndicated facility agreement that referenced both the Sterling Overnight Index Average (SONIA) and the Secured Overnight Financing Rate (SOFR) from the signing date. It was also the first syndicated RFR facility agreement that provided a choice of interest periods and also contained a sustainability-linked margin ratchet that adjusted according to the company's performance against a number of ESG performance indicators.
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| Financial Center: | London | Value: | 1000.01-5000.00 |
| Advised Party: | Lender | Law Firm | Allen & Overy |
| Borrower | United Kingdom | Lender | United Kingdom |
| Classification: |
Syndicated and Bilateral Loans Syndicated Loans |
Lawyer | Greg Brown |
