introductions scheme comparisons • coronavirus business ... · started, or had fulfilled the...

Classification: Public

F


AGENDA

2

• Introductions

• Scheme Comparisons

• Coronavirus Business Interruption Loan Scheme (‘CBILS’)

• Coronavirus Large Business Interruption Loan Scheme (‘CLBILS’)

• Covid Corporate Financing Facility (‘CCFF’)

• UK Export Finance (‘UKEF’)

• Q&A


Introductions

3

James Galea

Head of Complex Lending Products

Commercialisation, Client Asset

Management,

Lloyds Bank Commercial Banking

Richard Brown

Head of Lending Product Management,

Client Asset Management,


Olivier Khalife

Senior Adviser Export Finance,

Global Transaction Banking,


Glenn Forbes

Managing Director, Corporate

Debt Capital Markets,


Craig Leighton

Director, Trade and

Commodity Finance,

Global Transaction Banking


CBILS CLBILS CCFF

DescriptionGovernment-backed guarantee scheme to support viable customers that

have been impacted by Coronavirus

Government-backed guarantee scheme to support viable customers that have

been impacted by Coronavirus

Provision of funding to businesses through

purchasing of CP

Availability from 23/3/20 to 30/09/20 (6 months) 20/04/20 to 20/10/20 or as extended 23/03/20 to 23/03/21

Turnover/ Credit

Qualification

< GBP45m Turnover (EUR 50m Equivalent)

> GBP 45m Turnover IG (rated or implied) Corporates and make

“meaningful contribution to UK economy”;

CP issuer (new or existing)Max 20% refinance (portfolio) Max 20% refinance (portfolio)

Viability No Change +

a) The finance will hep the SME trade out in short to

medium term

b) The SME is not subject to collective insolvency

c) If the facility is granted the SME will not become

insolvent in the short to medium term

EU ‘in difficulty’ tests, plus viable pre- and post-Covid-19 impact

assessed by LBG

Short-term rating A3 / P3 / F3 / R3

or above; Long-term rating of

BBB-/ Baa3 / BBB- / BBB low or

above. If not public IG rating

Banks’ internal rating as at 1st

March 2020

Loan Amount &

TenorUp to £5m 3 months – 6 years

£50m >£250m turnover

£25m <£250m turnover

Further limited by EU/HMG tests

3 months to 3 years bullet/ amortisation

subject to normal commercial principles

A1/P1/F1/R1 Up to £1bn

A2/P2/F2/R2 Up to £600m

A3/P3/F3/R3 Up to £300m

Product

Term Lending

Invoice, Asset and working capital finance also possible if developed by

LBG

Term Loan & Revolving Credit Facility

Invoice and Asset Finance expansion possibleCommercial Paper

Interest Rate

First 12 months0% customer rate

Bank reimbursed by Govt. for customer rate dueBase Rate + Margin

Calculated on a commercial basis

including the effects of the government guarantee

Spread + Sterling Overnight Index Swap

(OIS) rate

A1/P1/F1/R1 20bps + OIS

After 12 months

Revert to customer rate which takes into account

the effects of the guarantee A2/P2/F2/R2 40bps + OIS

Base Rate with option to convert to fixed rate

through subsequent informed choice saleA3/P3/F3/R3 60bps + OIS

Arrangement Fee 0% 0% (but may be charged by exception)

N/AGuarantee Fee

Charge borne by Bank: 25bps – 200bps

dependent on tenor & client sizeCharge borne by Bank: 50 bps Year 1; 100 bps Years 2 & 3

Guarantee

Amount & Type

80%

Proportional

80%

Proportional

Security> £250k – no change Equivalent with at least 90% of the security you have granted for any financial

indebtedness, excluding asset and invoice financeUnsecured

< £250k – removal of requirement to exhaust security

Other Notable

TermsStandard Documentation

Dividend Restriction, Restriction on Transfer by bank,

eligibility criteria as reps/ warranties

N/A

Conditions for

Early RepaymentNone

Client option +

Customary mandatory prepayment events

Capital

Repayment Hols

All CBIL facilities will have 6mths CRH at the start of the loan.

Further CRH available on request, subject to CreditBullet repayment / repayment structure agreed case-by-case

Excluded

SectorsFinancial Institutions; State Funded Primary and Secondary Education

Banks and Insurance Companies;

State Funded Primary and Secondary EducationFinancial Services

IG (rated or equivalent)

COVID-19 UK Government Funding Schemes

Greater than £45m TurnoverLess than £45m Turnover


Coronavirus Business Interruption Loans Scheme (‘CBILS’)

Scheme Overview

GTB – Trade Product, May 2020


CORONA BUSINESS INTERRUPTION LOAN

SCHEME (CBILS)

Corona

Business

Interruption

Scheme

Base Rate Term Loan (other variants across Overdraft, Asset Finance / Invoice Finance may be available)

£25k up to £5m loan amount.

No arrangement fee.

First 12months interest free (covered by the Business Interruption Payment)

First 6mths capital repayment holiday,

Customer remains 100% liable for the loan

Supported by 80% guarantee from the British Business Bank

No guarantee fee payable by customer throughout life of loan

6

Key Points:

Launched on 23/3 to support customers impacted by COVID.

Available across 40+ accredited providers.

Has undergone a number of iterations to extend the support offered by the scheme.

Customers will require to satisfy three main areas as part of application

Eligibility,

Undertaking in Difficulty

Viability


CORONA BUSINESS INTERRUPTION LOAN SCHEME (CBILS)

Eligibility

Must be impacted by Covid-19. UK based Small or Medium businesses with 50%+ of consolidated group turnover from trading. Maximum £45m consolidated group turnover. Purpose for working capital, to support BAU trading. Maximum loan must be i) less than double annual wages bill OR ii) less than 25% of 2019 turnover OR iii) appropriate to the liquidity need of the customer. Certain sectors are ineligible (Banks, Insurance Companies, public sector. Full list available). Certain sectors may not be able to borrow the full amount (aquaculture, agriculture, transport)

Undertaking in Difficulty

The company must be able to attest that it has not had: accumulated losses of more than half of its subscribed share capital for limited companies, or for

unlimited liability companies its capital; or started, or had fulfilled the criteria to be put into, collective insolvency proceedings; or previously received rescue aid that was yet to be reimbursed (or, in the case of a guarantee, terminated);

or received restructuring aid, and was still under a restructuring plan;

Viability

The company have been viable prior to the Corona Crisis.

You must have a business borrowing proposal which the lender would consider viable, were it not for the current pandemic

7


Coronavirus Large Business Interruption Loans Scheme (‘CLBILS’)

Scheme Overview



CLBILS - Background

9

Following the launch of Coronavirus Business Interruption Loan Scheme (‘CBILS’) and Covid Corporate

Financing Facility (‘CCFF’) at the end of March, the Chancellor of the Exchequer announced a new

Coronavirus Large Business Interruption Loan Scheme (‘CLBILS’) on 3rd April to help support UK corporates

that are too large for CLBILS and ineligible for CCFF (either too small to access commercial paper or sub

investment grade).

Coronavirus Large Business Interruption Loan Scheme

The CLBILS provides support to large businesses under the exceptional circumstances caused

by the outbreak of COVID-19

The loan is provided under the CLBILS managed by the British Business Bank on behalf of, and with the financial

backing of, the Secretary of State for Business, Energy and Industrial Strategy

The scheme can provide funding for eligible and viable businesses, across the UK who are experiencing lost or

deferred revenues, leading to disruptions to their cash flow

It is a UK Government backed loan guarantee scheme

The scheme is intended to allow businesses negatively impacted by COVID-19 who meet the criteria for the CLBIL

scheme to borrow

The Department for Business Energy and Industrial Strategy (BEIS) provide the Accredited Lender with a limited

guarantee for up to 80% of the balance of an eligible CLBIL

However, the Borrower remains liable for 100% of the outstanding debt, including any accumulated interest, even if

the Government guarantee has paid out

No guarantee fee is payable by the Borrower to the Government under CLBILS, but note that the Bank does pay a

guarantee fee to the Government

The interest rate is charged at the Bank of England Bank Rate (the “Base Rate”) + margin, which will be agreed at the

outset. This means the interest rate on the loan will track the Base Rate. Therefore, if Base Rate increases your

repayments on the loan will increase

Borrowers under the scheme must not have used CCFF and shall not be permitted to use CCFF if they are using

CLBIL


CLBILS – Key detail

10

Criteria

The Borrower was not, on 31 December 2019, an “undertaking in difficulty” as defined

as:

(i) you are not a public or private company (limited by shares or by guarantee)

that has accumulated losses greater than half of your subscribed share

capital;

(ii) you are not a partnership, limited partnership or unlimited company that has

lost more than half of your capital (as shown in your accounts) as a result of

accumulated losses;

(iii) you are not subject to collective insolvency proceedings, and you do not fulfil

the criteria for being placed in collective insolvency proceedings;

(iv) you have not received rescue aid where you haven’t reimbursed the loan or

terminated the guarantee, and you have not received restructuring aid and are

still subject to a restructuring plan;

(v) you have not had the following solvency ratios for the past two years;

- book to debt equity ratio greater than 7.5; and

- EBITDA interest coverage below 1.0

The Proposed Scheme Facility Amount is not greater than £25 million for Borrowers

with a Group turnover of up to £250m or £50m for Borrowers with a Group turnover

greater than £250m, and in each case is not greater than:

(i) double the annual wage bill in respect of the United Kingdom business of the

Borrower for 2019, or for the last year available, (and in the case of a Borrower

created on or after 1 January 2019, the estimated wage bill of the first two

years of operation); or

(ii) 25% of the total turnover of the United Kingdom business of the Borrower in

2019; or

(iii) with appropriate justification and based on self-certification of the Borrower,

the amount may be increased to cover the Borrower’s liquidity needs for the

next 12 months (such maximum, the “Maximum Amount”)

Criteria

The Proposed Scheme Facility contains the Dividend Restriction. Until the Scheme

Facility has been repaid in full, the Borrower must agree not to:

(i) declare, make or pay any dividend, charge, fee or other distribution (or interest

on any unpaid dividend, charge, fee or other distribution) (whether in cash or in

kind) on or in respect of its share capital (or any class of its share capital) or, if it

is a partnership, any equivalent payment to its partners;

(ii) repay or distribute any dividend or share premium reserve;

(iii) pay or allow any member of its group to pay any management, advisory or other

fee to or to the order of any of the shareholders or (if the Borrower is a

partnership, partners) of the Borrower; or

(iv) redeem, repurchase, defease, retire or repay any of its share capital or resolve

to do so, except for:

(1) payment of any dividend or distribution declared prior to the entry by the

Borrower into the Scheme Facility, or

(2) any payment to the extent that the same does not represent an increase to the

level of equivalent payments made in the 12 months prior to taking out the

Scheme Facility and that would not have a material negative impact on the

ability of the Borrower to make all payments due to be made by it under the

Scheme Facility

The Borrower has not, and will not, use the Bank of England’s Covid Corporate

Financing Facility (CCFF)


Covid Corporate Financing Facility (‘CCFF’)Scheme Overview



CCFF – Summary process

12

High Level Summary Process

Client engages with Bank of England to register interest in CCFF scheme

Bank of England will direct issuer client to fill out application form, including confirming relationship bank(s) internal ratings wherepublic ratings not available

Once lodged, Bank of England (at its sole discretion) determines eligibility

If eligible, CP documentation process can begin – typically taking 2 weeks

Issuance of CP into the CCFF scheme can happen as soon as documentation is complete

The Bank of England will request evidence of investment grade status. Agency and commercial bank ratings can be submitted

Arranger vs. Dealer

An Arranger of the CP programme is a bank which co-ordinates set up of a new programme – liaising with external law firms, paying agents,the issuer and any other dealers on the programme

An arranger will naturally be the primary dealer on the programme

An issuer is likely to want to add other dealers on the programme in order to mitigate any risk that another dealer can’t act for some reason,or for relationship reasons

Lloyds are not charging clients to act in wither Arranger or Dealer capacity


UK Export Finance (‘UKEF’) Scheme Overview



‘UKEF’ PRODUCT SUMMARY

SHORT TERM SCHEMES

General Export Finance (‘GEF’)

Product agnostic and thus can also cover imports, conducive to exports

Max. tenor up to 2 years

No explicit limit, additional conditions imposed for facilities > £5m

Revolving in nature

A solution supporting access to working capital that is not linked to a specific export contract, is product agnostic.

PRODUCT Bond Support Scheme

Key features

Eligibility

Short Summary

Client & Bank

Benefits

Allows banks to release the cash needed to secure the bond for the exporter to use as working capital.

Term matches the term of the bond

No upper or lower limit on the size of the bond

Applicable to UK businesses that are a direct Tier 1 supplier to an UK exporter

The exporter/Tier 1 supplier must be carrying on business in the UK;

The bond must relate to a contract between the exporter and a buyer carrying on business outside the United Kingdom under which the exporter supplies goods and/or services to that buyer; and

The export contract must have a minimum of 20% UK content.

Provision of a partial guarantee in support of UK exports to help banks

meet demand for contract bonds

No minimum or maximum value for the working capital facility.

The facility should have a maximum term of no more than two years

Particularly useful when a UK exporter wins an overseas contract that is higher in value than they can typically fulfil

Supplier Credit Finance (‘SCFF’)

Supporting an overseas buyer to purchase goods and/or services from a UK exporter. For contracts

below £5m.

Covers payments due under bills of exchange, or promissory notes to an overseas buyer to finance the purchase of capital goods and/or services from a UK exporter.

Typical tenor 2 – 10 years, but can be longer depending on requirements

Increasing funding capacity for exporters

increase exporter credit limits for issuance of contract bonds, guarantees and LOC, for eligible export contracts

Reduces the need for transaction-specific security, in the form of cash collateral which ties up W/C.

UK exporter can obtain the necessary W/C finance from its lender to support an export transaction where its lenders may not have risk appetite for the full facility amount

Supports expansion into new export markets

To help tier 1 suppliers finance W/C for supply contracts

Reduced administrative burden

Streamlined application forms

Grater relevance to a wider pool of exporters

Product agnostic

Continuation of existing bank delegation processes and practices

The exporter is paid as soon as the goods have been shipped and/or services performed;

The buyer or borrower has time to pay over a number of years and can borrow at fixed or floating rates;

The bank receives a guarantee for the amounts due under the bills of exchange, promissory notes

UK-based exporter

Single Borrower

Min. 20% of the contract value must be UK content

Generated 20% export sales in any (or 5% in each) of the last 3 years;

Export Working Capital Scheme

(‘EWCS’)

UK-based exporter/Tier 1 suppliers

The exporter must have entered, intend to enter, into a contract for the supply of goods and/or services with a company or other organisation that carries on business outside the UK


The maximum value of the working capital facility cannot be greater than 75% of the export contract’s value.

Supports access to working capital finance for specific export-related contracts for both pre- and post-

shipment.

A minimum of 15% of the contract value must be paid directly to the exporter by the buyer before the facility starts to be repaid.

Of the 15%, a down payment of at least 5% should be received upon contract signature.



Scheme Export Development Guarantee (’EDG’)

Key features

Eligibility

Short Summary

Client & Bank

Benefits

Manufactures goods in the UK or delivers services or produces intellectual property / intangibles from the UK and is a UK based entity

Generated 20% export sales in any (or 5% in each) of the last 3 years

ECA Buyer Credit

The exporter must be carrying on business in the UK

The export contract must have a value of at least £5 million or the equivalent in foreign currency

The period for repayment of the loan must be at least 2 years

The export contract must have at least 20% UK content

The principal benefit for the UK exporter is that it is able to obtain the necessary working capital and capex finance from its lender to support export transactions in circumstances where its lenders may not have sufficient risk appetite for the full facility amount.

Conducive to exports. Non-export contract specific.

The exporter is paid as though it has a cash contract

The buyer or borrower has time to pay over a number of years and can borrow at fixed or floating rates

The lending bank is protected against non-payment, for whatever reasons, of the instalments of principal and interest due under the guaranteed loan.

‘UKEF’ PRODUCT SUMMARY

MEDIUM TO LONG TERM SCHEMES

To enable eligible exporters (borrower) to benefit from UKEF support in relation to high value loan facilities provided by lenders

Intended to support term loans for up to 5 years with some flexibility on the loan profile and currency (GBP, USD, EUR, JPY)

Supports client’s working capital and capital expenditure requirements that are conducive to

exports. Non-export contract specific.

The loan is typically repaid over a period of 2 years or longer by the borrower, while the exporter receives payment via the credit facility as amounts fall due under the export contract.

The maximum amount that can be made available under the loan is 85% of the contract value. A minimum of 15% of the contract value must be paid directly to the exporter by the buyer before the loan starts to be repaid.

Loan to an overseas buyer, so that capital goods, services and/or intangibles can be purchased.


UK Export Finance’s (UKEF) Export Development Guarantee (EDG)

16

An important funding tool alongside the COVID-19 funding schemes

DIVERSIFICATION

QUANTUM

1. Conceived to support UK exports

2. Can be used alongside CLBILS or CCFF

1. General corporate purposes

2. Flexible loan profile

High given UKEF's own underwriting capacity

Opens up a new pool of capital whilst preserving banks' capacities

UP TO 5-YEAR TERM LOAN

UP TO 80% GOVERNMENT GUARANTEE

NO UPPER LOAN LIMIT

3. In GBP, USD, EUR or JPY

1. 2 loan tranches (80%/20%)

2. UKEF Guarantee issued on 80%

3. Portion of margin paid to UKEF on 80%

PRE-COVID-19 SCHEME

KEY FEATURES KEY ELIGIBILITY CRITERIA

OR

KEY BENEFITS

ACTIVITY IN THE UK

OVERSEAS SALES

1. 5% of turnover in each of the past 3 years

2. 20% of turnover in any of the past 3 years

1. UK based entity

2. Manufactures goods in the UK or delivers services or produces

intellectual property / intangibles from the UK

1. Conceived for high-value loans

2. First Deal (October 2019): £625m LenderLloydsBank

Borrow er

UK Company

Exporter Agreement

Undertaking

GuaranteeAgreement

Facility Agreement


Q&A

17


CCFF – Credit ratings

18

What do I do if my company does not have a credit rating?

If you do not have a public investment grade rating there are two main options for you to consider. We are happy to

discuss these with you ahead of applying – please contact us at [email protected] if you wish

to do so.

1. BoE will accept banks’ internal ratings of corporates to assess credit status. For this purpose, and following

a request confirmed by HM Treasury, Credit Benchmark has provided a credit assessment file to BoE, which

consolidates in aggregate form the corporate credit estimates of a number of the largest UK banks.

To be considered as having investment grade status based on banks’ internal ratings, and so deemed eligible for

the scheme, firms will ordinarily be required to have at least three investment grade bank ratings and no

speculative grade bank ratings as at 1 March 2020. To avoid a single bank’s credit view unduly affecting the

overall assessment, BoE will not exclude firms with one speculative grade rating provided the average of bank

ratings available is at least BBB/Baa2/BBB/BBB. And BoE will accept only two bank ratings as sufficient proof of

investment grade status where a firm is viewed as strongly investment grade i.e. BBB+/Baa1/BBB+/BBB(High) or

above.

2. Alternatively, you could seek an assessment of credit quality from one of the major credit rating agencies as

of 1 March 2020 in a form that can be shared privately with the Bank of England and HM Treasury, noting that you

are doing so because you wish to use the CCFF. The largest credit rating agencies are prepared to do this and the

standard rating agency products we are prepared to accept as suitable evidence of credit status are listed below.

We reserve the right to make use of other products.

To note that BoE will accept either of these two options at any time. If, for example, your company applied with the

intention of being deemed IG-equivalent based on banks’ internal ratings (option 1 above), but was subsequently found

to be ineligible via this route, the Bank would still deem a firm IG-equivalent and therefore eligible based on a

subsequent rating assessment from one of the major credit rating agencies (option 2 above).

mailto:[email protected]


Disclaimer

19

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