Spain

Two Financial Institutions currently invest or make available an estimated

USD$ 3,391 million in nuclear weapons companies.

Banco Santander

Banco Santander currently has an estimated USD$ 1,014.60 million invested or available for the nuclear weapons producers identified in this report.

Loans

In March 2010, Boeing secured a credit facility with a value of US$ 865 million, due October 2011. The proceeds were used for general corporate purposes. Banco Santander de Negocios, a subsidiary of Banco Santander, participated in the 12 bank syndicate, committing anamount of US$ 60 million.1

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Banco Santander was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.2

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Sovereign Bank, a subsidiary of Banco Santander, participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.3

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Banco Santander participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.4

 

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Banco Santander de Negocios, a subsidiary of Banco Santander, participatedin the syndicate of ten banks, providing an estimated amount of US$ 150 million.5

 

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. Banesto, a subsidiary of Banco Santander, participated in the 21 bank syndicate, committing an estimated amount of US$ 37.5 million.6

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. Banesto, a subsidiary of Banco Santander, participated in the 22 bank syndicate, committing an estimated amount of US$ 78.1 million.7

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Sovereign Bank, a subsidiary of Banco Santander, participated in the 29 bank syndicate, committing anamount of US$ 50 million.8

 

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Abbey National Treasury Services, a subsidiary of Banco Santander, participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.9

 

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Banco Santander participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.10

 

In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. Banco Santander participated in the 12 bank syndicate, committing an estimated amount of US$ 121.3 million.11

 

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Banco Santander participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.12

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Banco Santander participatedin the syndicate of 31 banks, underwriting anamount of US$ 15 million.13

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Santander Investment, a subsidiary of Banco Santander, participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.14

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Banco Santander de Negocios, a subsidiary of Banco Santander, participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.15

 

In October 2010 Thales issued bonds with a value of € 600 million (US$ 835.2 million). The bonds have an interest rate of 2.750% and are due October 2016. The proceeds were used for general corporate purposes and for refinancing. Banco Santander participated in the six bank syndicate,underwriting an estimated amount of US$ 139.2 million.16

 

BBVA

BBVA currently has an estimated USD$ 2,376.40 million invested or available for the nuclear weapons producers identified in this report.

Loans

In July 2011, Aecom entered into an amended revolving credit facility, with a borrowing capacity of US$ 1,050 million at a base rate of LIBOR+150.000bps and a five-year expiration date. The proceeds would be used as working capital and for general corporate purposes. BBVA was part of the ten bank syndicate, participating with an estimated US$ 79 million.17

 

In September 2011, Aecom secured a US$ 600 million five-year term loan at a base rate of LIBOR+175.000bps, amending and replacing an existing credit agreement from September 2010. The proceeds were used to refinance bank debt and for general corporate purposes. Compass Bank, a subsidiary of BBVA, was part of the eleven bank syndicate and provided an estimated US$ 33 million.18

 

In June 2013, Aecom entered into a US$ 750 million five-year term loan at a base rate of LIBOR+150.000bps, a second amendment to an existing credit agreement from 2010. The proceeds were destined for capital expenditures, to repay all obligations owing under the existing credit agreement, and for other general corporate purposes. BBVA was part of the 24 bank syndicate and participated with an estimated US$ 20 million.19

 

In May 2010, Babcock & Wilcox Investment Company, a subsidiary of Babcock & Wilcox, secured a four-year revolving credit facility with a value of US$ 700 million at a base rate of LIBOR+250.000bps. The proceeds were used for working capital, capital expenditure, refinancing and general corporate purposes. Compass Bank, a subsidiary of BBVA, was part of the 17 bank syndicate, committing an estimated amount of US$ 28 million.20

 

In June 2012, Babcock & Wilcox secured a US$ 700 million five-year credit facility at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing and general corporate purposes. BBVA was part of the syndicate of 17 banks, participating with US$ 50 million.21

 

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Compass Bank, a subsidiary of BBVA, was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.22

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. BBVA was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.23

 

In December 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. BBVA participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.24

 

In October 2012, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a US$ 2,300 million tranche due October 2013 at a base rate of LIBOR+82.500bps and a US$ 2,300 million tranche due October 2017 at a base rate of LIBOR+79.500bps, which replaced the loan secured in November 2011. The proceeds were used for refinancing bank debt and general corporate purposes. BBVA participatedin the syndicate of four banks, providing an estimated amount of US$ 920 million.25

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. BBVA participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.26

 

In July 2010, General Dynamics secured a three-year revolving credit facility with a value of US$ 1,000 million at a base rate of LIBOR+50.000bps. The proceeds were used to refinance the loan secured in July 2009 and to provide a backup for commercial paper. BBVA participated in the 21 bank syndicate, committing an estimated amount of US$ 80 million.27

 

In July 2011, General Dynamics secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+37.500bps. The facility was split in two tranches: a US$ 1,000 million tranche due July 2016 and a US$ 1,000 million tranche due July 2013, which replaced the loan secured in July 2010. The proceeds were used for refinancing and for general corporate purposes. BBVA participated in the 22 bank syndicate, committing an estimated amount of US$ 160 million.28

 

In June 2013, General Dynamics entered into a US$ 1,000 million revolving credit facility due June 2018 at a base rate of LIBOR+87.500bps. The proceeds were used for refinancing. BBVA participated in the seven bank syndicate, committing an estimated amount of US$ 142.9 million.29

 

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. BBVA participated in the 29 bank syndicate, committing anamount of US$ 100 million.30

 

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. BBVA participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.31

 

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. BBVA participated in the 20 bank syndicate, committing an estimated amount of US$ 87.9 million.32

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. BBVA participatedin the syndicate of 31 banks, underwriting anamount of US$ 22.5 million.33

 

In July 2011, General Dynamics issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million1.375% tranche due January 2015, a US$ 500 million2.250% tranche due July 2016 and a US$ 500 million3.875% tranche due July 2021. The proceeds were used for general corporate purposes. BBVA participated in the 21 bank syndicate,underwriting anamount of US$ 180 million.34

 

In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. BBVA Securities, a subsidiary of BBVA, participated in the 14 bank syndicate,underwriting anamount of US$ 21 million.35

 

 

 


  1. Thomson ONE Banker, “Tearsheet 2566490115”, Thomson ONE Banker (www.thomsonone.com), 17 March 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  2. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  3. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 30 November 2011. 

  4. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  5. Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker (www.thomsonone.com), 14 December 2010. 

  6. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  7. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  8. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  9. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. 

  10. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  11. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 

  12. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  13. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  14. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  15. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  16. Thomson ONE Banker, “Tearsheet 2228987006”, Thomson ONE Banker (www.thomsonone.com), 12 October 2010; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  17. Thomson ONE Banker, ”Tearsheet 2755473115”, Thomson ONE Banker (www.thomsonone.com), 13 July 2011; AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 8-K”, AECOM Technology Corporation, 20 July 2011 (www.sec.gov/Archives/edgar/data/868857/000110465911040804/a11-21881_18k.htm). 

  18. Thomson ONE Banker, ”Tearsheet 2774576115”, Thomson ONE Banker (www.thomsonone.com), 30 September 2011; AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 8-K”, AECOM Technology Corporation, 30 September 2011 (www.sec.gov/Archives/edgar/data/868857/000110465911055224/a11-27482_18k.htm). 

  19. Thomson ONE Banker, ”Tearsheet 2987265115”, Thomson ONE Banker (www.thomsonone.com), 7 June 2013; AECOM Technology Corporation, “United States Securities and Exchange Commission: Second amended and restated credit agreement”, AECOM Technology Corporation, 7 June 2013 (www.sec.gov/Archives/edgar/data/868857/000110465913049042/a13-14922_1ex10d1.htm). 

  20. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2582202115”, Thomson ONE Banker (www.thomsonone.com), 30 April 2010; Babcock & Wilcox, “Credit Agreement dated as of May 3, 2010”, Babcock & Wilcox, 3 May 2010; Babcock & Wilcox, “Annual Report 10K”, Babcock & Wilcox, March 2011 (phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDIwMTc5fENoaWxkSUQ9NDMzNjMzfFR5cGU9MQ==&t=1). 

  21. Thomson ONE Banker, “ Tearsheet 2855248115”, Thomson ONE Banker (www.thomsonone.com), 8 June 2012; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Wilson, J., “Babcock & Wilcox amends $700M credit facility”, Website Charlotte BusinessJournal, 11 June 2012 (www.bizjournals.com/charlotte/news/2012/06/11/babcock-wilcox-amends-700m-credit.html); Babcock & Wilcox, “Amended and restated credit agreement”,Babcock & Wilcox, 8 June 2012 (www.sec.gov/Archives/edgar/data/1486957/000119312512268208/d365304dex101.htm).  

  22. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011.. 

  23. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  24. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 01 December 2011. 

  25. Thomson ONE Banker, “Tearsheet 2791119116 and 2791120116”, Thomson ONE Banker (www.thomsonone.com), 15 October 2012. 

  26. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  27. Thomson ONE Banker, “Tearsheet 2614271115”, Thomson ONE Banker (www.thomsonone.com), 8 July 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  28. Thomson ONE Banker, “Tearsheets 2755420115 and 2755420115”, Thomson ONE Banker (www.thomsonone.com), 14 July 2011. 

  29. Thomson ONE Banker, “Tearsheet 2988333116”, Thomson ONE Banker (www.thomsonone.com), 21 June 2013. 

  30. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  31. Thomson ONE Banker, “Tearsheet 2835497116”, Thomson ONE Banker (www.thomsonone.com), 02 April 2012. 

  32. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  33. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  34. General Dynamics Corporation, “Prospectus supplement: $500,000,000 1.375% Notes due 2015, $500,000,000 2.250% Notes due 2016, $500,000,000 3.875% Notes due 2012”, General Dynamics Corporation, 5 July 2011; Thomson ONE Banker, “Tearsheet 2325952001”, Thomson ONE Banker (www.thomsonone.com), 5 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  35. Honeywell International, “Prospectus supplement: $800,000,000 4.250% Senior Notes Due 2021, $600,000,000 5.375% Senior Notes Due 2041”, Honeywell International, 14 February 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheets 2280086001 and 2280355001”, Thomson ONE Banker (www.thomsonone.com), 14 February 2011. 

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).