Bank of China contributes $33.33 million to $5 billion 364-day credit facility to Toyota's foreign subsidiaries in 2020

Project narrative

On November 15, 2016, financial close was reached on a deal in which a syndicate of 27 banks — including the New York Branch of the Bank of China — entered into three $5 billion USD syndicated loan agreements with Toyota’s foreign subsidiaries: Toyota Motor Credit Corporation (a US-based subsidiary of the Japanese automaker), Toyota Motor Finance (Netherlands), Toyota Financial Services (UK) PLC, Toyota Leasing GmbH, Toyota Credit de Puerto Rico Corp, Toyota Credit Canada Inc, Toyota Kreditbank GmbH, and Toyota Finance Australia Limited — for general corporate purposes. The maturities of the loans was 1 year, 3 years and 5 years, respectively, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, enabling Toyota’s global finance arms to maintain liquidity, fund ongoing operations, and support financing activities across multiple regions. Bank of China contributed $33,333,333.33 USD to each of loan tranches. While Bank of China contributed $33,333,333.33 USD to the 364-day tranche (Record ID#110193), BOC also contributed $33,333,333.33 USD to the 3 year tranche (Record ID#110194) and 5 year tranche (Record ID#110195). The following lenders also participated: BNP Paribas ($364,166,666.66), Citibank N.A. ($364,166,666.66), Bank of America N.A. ($364,166,666.66), Bank of Tokyo-Mitsubishi UFJ Ltd. ($364,166,666.66), JPMorgan Chase Bank N.A. ($268,333,333.34), Société Générale ($268,333,333.34), Sumitomo Mitsui Banking Corporation ($268,333,333.34), The Hongkong and Shanghai Banking Corporation Limited ($268,333,333.34), Barclays Bank PLC ($235,000,000.00), Lloyds Bank PLC ($235,000,000.00), Mizuho Bank Ltd. ($235,000,000.00), Royal Bank of Canada ($235,000,000.00), Australia and New Zealand Banking Group Limited ($166,666,666.67), National Australia Bank Limited ($166,666,666.67), The Toronto Dominion Bank ($166,666,666.67), Crédit Agricole Corporate and Investment Bank ($156,666,666.67), Morgan Stanley Bank N.A. ($150,000,000.00), Bank of Montreal ($91,666,666.67), Canadian Imperial Bank of Commerce ($91,666,666.67), Commerzbank AG ($91,666,666.67), The Bank of Nova Scotia ($91,666,666.67), Fifth Third Bank ($66,666,666.66), The Bank of New York Mellon ($66,666,666.66), The Northern Trust Company ($45,000,000.00), UniCredit Bank AG ($45,000,000.00), Banco Bradesco S.A. ($33,333,333.33), Mitsubishi UFJ Trust & Banking Corporation ($33,333,333.33), and Sumitomo Mitsui Trust Bank Limited ($33,333,333.33). On November 13, 2017, the Bank of China (BOC), through its New York branch, contributed three disbursements of $33.33 million each to three $5 billion revolving credit facilities to Toyota and various international subsidiaries. The facilities were identical in size, fees, financial details and structure, lender pro rata shares, and subsidiary drawdown limits, and they replaced the 2016 loans. All facilities had a one-year extension option with potential margin increases. All three facilities were capped at $5 billion but disbursed in five tranches of committed drawable funds to give Toyota the option of spreading out credit drawdowns, with the Bank of China only contributing to the first tranche ('Tranche A') in every case. In each facility, Tranche A was sized at $5 billion and was drawable in either USD or a variety of European currencies. Tranche B was sized at $866.8 million and drawable in either USD or a variety of European currencies. Tranche C was sized at $666.8 million and drawable in either USD or a variety of European currencies. The first swing line tranches were sized at $1.25 billion and drawable in USD, CAD, and a variety of European currencies. The second swing line tranches were sized at $500 million and drawable in AUD. The facilities were differentiated by maturity date and margin rate spread based on the Moody's rating of Toyota Motor Corporation, which was Aa3 at the time of signing. The first facility (#99366) had a maturity of one (1) year. The second facility (#99367) had a maturity of three (3) years. The third facility (#99368) had a maturity of five (5) years. All facilities included a Tranche B, Tranche C, USD swing line, and AUD swing line, in addition to Tranche A. Toyota dispersed the loans among eight (8) subsidiary corporations, each with different drawdown limits corresponding to separate tranches or lower. Toyota Motor Credit Corporation (TMCC), Toyota Motor Finance (Netherlands), and Toyota Financial Services (UK) were permitted to draw down a full $5 billion, corresponding to Tranche A's total committed amount. As Bank of China only contributed to Tranche A, it is likely that the bank only contributed to these three subsidiaries. Toyota Credit Canada was permitted to draw down $866.8 million, corresponding to Tranche B's total committed amount. Toyota Finance Australia was permitted to draw down $666.8 million, corresponding to Tranche C's total committed amount. Toyota Leasing GMBH and Toyota Kreditbank GMBH, two German subsidiaries, were permitted to draw down $500 million each. Toyota Credit de Puerto Rico was permitted to draw down $333.4 million. Thirty-one (31) institutions participated in the lending syndicate. BNP Paribas acted as administrative agent and swing line agent. BNP Paribas, Bank of America, Citigroup, and JP Morgan acted as swing line lenders. Citigroup, JP Morgan, Bank of America, and MUFG acted as syndication agents. BNP Paribas, Citigroup, JP Morgan, Merrill Lynch, and MUFG acted as joint lead arrangers and book managers. Merrill Lynch did not financially contribute. BNP Paribas, Citigroup, JP Morgan, MUFG, and Bank of America each contributed $338.33 million. Societe Generale, Sumitomo Mitsui Banking corporation (SMBC), and HSBC Hong Kong (HSBCHK) each contributed $268.33 million. Barclays, Lloyds Bank, Mizuho Bank, and the Royal Bank of Canada (RBC) each contributed $235 million. Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), and TD Bank each contributed $166.66 million. Credit Agricole CIB contributed $156.66 million. Morgan Stanley contributed $150 million. Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), Commerzbank, and the Bank of Nova Scotia (Scotiabank) each contributed $91.66 million. Fifth Third Bank and Bank of New York Mellon (BNY Mellon) each contributed $66.66 million. Northern Trust Corporation and Unicredit Bank each contributed $45 million. Banco Bradesco, Bank of China, DBS Bank, Mitsubishi UFJ Trust & Banking Corporation, and Sumitomo Mitsui Trust Bank (SMTB) each contributed $33.33 million. On November 9, 2018, the Bank of China (BOC), through its New York branch, contributed three disbursements of $33.33 million each to three $5 billion revolving credit facilities to Toyota and various international subsidiaries. The facilities were identical in size, fees, financial details and structure, lender pro rata shares, and subsidiary drawdown limits, and they replaced the 2016 loans. BOC only contributed to Tranche A. Toyota dispersed the loans among eight (8) subsidiary corporations, each with different drawdown limits corresponding to separate tranches or lower. Toyota Motor Credit Corporation (TMCC), Toyota Motor Finance (Netherlands), and Toyota Financial Services (UK) were permitted to draw down a full $5 billion, corresponding to Tranche A's total committed amount. As Bank of China only contributed to Tranche A, it is likely that the bank only lent to these three subsidiaries. Toyota Credit Canada was permitted to draw down $866.8 million, corresponding to Tranche B's total committed amount. Toyota Finance Australia was permitted to draw down $666.8 million, corresponding to Tranche C's total committed amount. Toyota Leasing GMBH and Toyota Kreditbank GMBH, two German subsidiaries, were permitted to draw down $500 million each. Toyota Credit de Puerto Rico was permitted to draw down $333.4 million. Bank of China contributed $33,333,333.33 USD to each of loan tranches. While Bank of China contributed $33,333,333.33 USD to the 364-day tranche (Record ID#99376), BOC also contributed $33,333,333.33 USD to the 3 year tranche (Record ID#100268) and 5 year tranche (Record ID#110196). Citibank, Bank of America, and JP Morgan acted as swing line lenders. Citibank, Bank of America, JP Morgan, and MUFG acted as syndication agents. BNP Paribas, Citibank, JP Morgan, Merrill Lynch, and MUFG acted as joint lead arrangers and joint book managers. Merrill Lynch did not financially contribute to the loan. BNP Paribas, Citibank, Bank of America, JP Morgan, and MUFG each contributed $338.33 million. Mizuho Bank, Royal Bank of Canada (RBC), Societe Generale, and Sumitomo Mitsui Banking Corporation (SMBC) each contributed $268.33 million. Barclays, TD Bank, Australia and New Zealand Banking Group (ANZ), Banco Santander, and Commerzbank each contributed $166.66 million. Credit Agricole contributed $156.66 million. Morgan Stanley contributed $150 million. Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), Lloyds Bank, and Bank of Nova Scotia (Scotiabank) each contributed $91.66 million. Bank of New York Mellon (BNY Mellon) contributed $66.66 million. Northern Trust Corporation and Unicredit Bank AG each contributed $45 million. Banco Bradesco, Bank of China, DBS Bank, Fifth Third Bank, and Sumitomo Mitsui Trust Bank (SMTB) each contributed $33.33 million. On November 6, 2020, the Bank of China (BOC), through its New York Branch, contributed $33.33 million to a $5 billion revolving credit facility with a maturity of 364 day to Toyota and various international subsidiaries. The facility was capped at an overall drawdown limit of $5 billion, but disbursed in five tranches of committed drawable funds to give Toyota the option of spreading out credit drawdowns, with the Bank of China only contributing to the first tranche ("Tranche A"). Tranche A was sized at $5 billion and was drawable in either USD or a variety of European currencies. Tranche B was sized at $866.8 million and drawable in either USD or a variety of European currencies. Tranche C was sized at $666.8 million and drawable in either USD or a variety of European currencies. The first swing line tranche was sized at $1.25 billion and drawable in USD, CAD, and a variety of European currencies. The second swing line tranche was sized at $333.4 million and drawable in AUD. The proceeds were to be used for general corporate purposes. Toyota dispersed the loans among eight (8) subsidiary corporations, each with different drawdown limits corresponding to separate tranches or lower. Toyota Motor Credit Corporation (TMCC), Toyota Motor Finance (Netherlands), and Toyota Financial Services (UK) were permitted to draw down a full $5 billion, corresponding to Tranche A's total committed amount. As Bank of China only contributed to Tranche A, it is likely that the bank only lent to these three subsidiaries. Toyota Credit Canada was permitted to draw down $866.8 million, corresponding to Tranche B's total committed amount. Toyota Finance Australia was permitted to draw down $666.8 million, corresponding to Tranche C's total committed amount. Toyota Leasing GMBH and Toyota Kreditbank GMBH, two German subsidiaries, were permitted to draw down $500 million each. Toyota Credit de Puerto Rico was permitted to draw down $333.3 million. Twenty-nine (29) institutions participated in the lending syndicate. Citibank, Bank of America, and JP Morgan acted as swing line lenders. Citibank, Bank of America, JP Morgan, and MUFG acted as syndication agents. BNP Paribas, BOFA Securities, Citibank, JP Morgan, and MUFG acted as joint lead arrangers and joint book managers. BOFA Securities did not financially contribute to the loan. While Bank of China contributed $33.33 million USD to this loan (Record ID#100269), BNP Paribas, Citibank, Bank of America, JP Morgan, and MUFG each contributed $333.33 million. Mizuho Bank, Royal Bank of Canada (RBC), Societe Generale, HSBC, and Sumitomo Mitsui Banking Corporation (SMBC) each contributed $268.33 million. Barclays and TD Bank each contributed $235 million. Australia and New Zealand Banking Group (ANZ), Banco Santander, and Commerzbank each contributed $166.66 million. Credit Agricole contributed $156.66 million. Morgan Stanley contributed $150 million. U.S. Bank National Association contributed $133.33 million. Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), and Bank of Nova Scotia (Scotiabank) each contributed $91.66 million. Bank of New York Mellon (BNY Mellon) contributed $50 million. Northern Trust Corporation and Unicredit Bank AG each contributed $45 million. Banco Bradesco, Bank of China, DBS Bank, Fifth Third Bank, and Sumitomo Mitsui Trust Bank (SMTB) each contributed $33.33 million. On November 5, 2021, the Bank of China (BOC), through its New York branch, contributed three disbursements of $33.33 million each to three $5 billion revolving credit facilities to Toyota and various international subsidiaries. The facilities were identical in size, fees, financial details and structure, lender pro rata shares, and subsidiary drawdown limits. All facilities had a one-year extension option with potential margin increases. All three facilities were capped at $5 billion but disbursed in five tranches of committed drawable funds to give Toyota the option of spreading out credit drawdowns, with the Bank of China only contributing to the first tranche ('Tranche A') in every case. In each facility, Tranche A was sized at $5 billion and was drawable in either USD or a variety of European currencies. Tranche B was sized at $866.8 million and drawable in either USD or a variety of European currencies. Tranche C was sized at $666.8 million and drawable in either USD or a variety of European currencies. The first swing line tranches were sized at $1.25 billion and drawable in USD, CAD, and a variety of European currencies. The second swing line tranches were sized at ~$333.3 million and drawable in AUD. Twenty-nine (29) institutions participated in the lending syndicate. Citibank, Bank of America, and JP Morgan acted as swing line lenders. Citibank, Bank of America, JP Morgan, and MUFG Bank acted as syndication agents. BNP Paribas, BofA Securities, Citibank, JP Morgan, and MUFG acted as joint lead arrangers and joint book managers. BofA Securities did not financially contribute to the facility. Bank of China contributed $33,333,333.33 USD to each of loan tranches. While Bank of China contributed $33,333,333.33 USD to the 364-day tranche (Record ID#99377), BOC also contributed $33,333,333.33 USD to the 3 year tranche (Record ID#99378) and 5 year tranche (Record ID#99379). BNP Paribas, Citigroup, Bank of America, MUFG, and JP Morgan each contributed $333.33 million. Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, Royal Bank of Canada (RBC), Societe Generale, and HSBC each contributed $268.33 million. Barclays and TD Bank each contributed $235 million. Australia and New Zealand Banking Group (ANZ), Banco Santander, Commerzbank, and U.S. National Association each contributed $166.66 million. Credit Agricole contributed $156.66 million. Morgan Stanley contributed $150 million. Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), and the Bank of Nova Scotia (Scotiabank) each contributed $91.66 million. The Bank of New York Mellon (BNY Mellon) contributed $50 million. The Northern Trust Corporation and Unicredit Bank AG each contributed $45 million. Bank of China, Fifth Third Bank, and Sumitomo Mitsui Trust Bank (SMTB) each contributed $33.33 million. On November 18, 2022, financial close was reached on a deal in which a syndicate of 29 banks — including the New York Branch of the Bank of China — entered into a $5 billion USD syndicated loan agreement with Toyota’s foreign subsidiaries: Toyota Motor Credit Corporation (a US-based subsidiary of the Japanese automaker), Toyota Motor Finance (Netherlands), Toyota Financial Services (UK) PLC, Toyota Leasing GmbH, Toyota Credit de Puerto Rico Corp, Toyota Credit Canada Inc, Toyota Kreditbank GmbH, and Toyota Finance Australia Limited — for general corporate purposes. The maturities of the loans was 1 year, 3 years and 5 years, respectively, and the interest rate was SOFR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, enabling Toyota’s global finance arms to maintain liquidity, fund ongoing operations, and support financing activities across multiple regions. Bank of China contributed $33,333,333.33 USD to each of loan tranches. While Bank of China contributed $33,333,333.33 USD to the 364-day tranche (Record ID#110197), BOC also contributed $33,333,333.33 USD to the 3 year tranche (Record ID#110198) and 5 year tranche (Record ID#110199). The following lenders also participated: BNP Paribas ($333,333,333.33), Citibank N.A. ($333,333,333.33), Bank of America N.A. ($333,333,333.33), MUFG Bank Ltd. ($333,333,333.33), JPMorgan Chase Bank N.A. ($333,333,333.33), Sumitomo Mitsui Banking Corporation ($268,333,333.34), Mizuho Bank Ltd. ($268,333,333.34), Royal Bank of Canada ($268,333,333.34), Société Générale ($268,333,333.34), The Hongkong and Shanghai Banking Corporation Limited ($268,333,333.34), Barclays Bank Ireland PLC ($235,000,000.00), The Toronto-Dominion Bank ($235,000,000.00), Australia and New Zealand Banking Group Limited ($166,666,666.67), Banco Santander S.A. ($166,666,666.66), Commerzbank AG ($166,666,666.66), U.S. Bank National Association ($166,666,666.66), Crédit Agricole Corporate and Investment Bank ($156,666,666.67), Morgan Stanley Bank N.A. ($150,000,000.00), Bank of Montreal ($91,666,666.67), Canadian Imperial Bank of Commerce ($91,666,666.67), The Bank of Nova Scotia ($91,666,666.67), The Bank of New York Mellon ($50,000,000.00), The Northern Trust Company ($45,000,000.00), UniCredit Bank AG ($45,000,000.00), Banco Bradesco S.A. ($33,333,333.33), Fifth Third Bank N.A. ($33,333,333.33), and Sumitomo Mitsui Trust Bank Limited ($33,333,333.33). On November 17, 2023, financial close was reached on a deal in which a syndicate of 30 banks — including the New York Branch of the Bank of China (BOC) — entered into a $5 billion USD syndicated loan agreement with Toyota’s foreign subsidiaries: Toyota Motor Credit Corporation (a US-based subsidiary of the Japanese automaker), Toyota Motor Finance (Netherlands), Toyota Financial Services (UK) PLC, Toyota Leasing GmbH, Toyota Credit de Puerto Rico Corp, Toyota Credit Canada Inc, Toyota Kreditbank GmbH, and Toyota Finance Australia Limited — for general corporate purposes. The maturities of the loans was 1 year, 3 years and 5 years, respectively, and the interest rate was SOFR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, enabling Toyota’s global finance arms to maintain liquidity, fund ongoing operations, and support financing activities across multiple regions. Bank of China contributed $33,333,333.33 USD to each of loan tranches. While Bank of China contributed $33,333,333.33 USD to the 364-day tranche (Record ID#110200), BOC also contributed $33,333,333.33 USD to the 3 year tranche (Record ID#110201)and 5 year tranche (Record ID#110202). The following lenders also participated: BNP Paribas ($333,333,333.33), Citibank N.A. ($333,333,333.33), Bank of America N.A. ($333,333,333.33), MUFG Bank Ltd. ($333,333,333.33), JPMorgan Chase Bank N.A. ($333,333,333.33), Sumitomo Mitsui Banking Corporation ($268,333,333.34), Mizuho Bank Ltd. ($268,333,333.34), Royal Bank of Canada ($268,333,333.34), Société Générale ($268,333,333.34), The Hongkong and Shanghai Banking Corporation Limited ($268,333,333.34), Barclays Bank Ireland PLC ($235,000,000.00), The Toronto-Dominion Bank ($235,000,000.00), Australia and New Zealand Banking Group Limited ($166,666,666.67), Banco Santander S.A. ($166,666,666.66), Commerzbank AG ($166,666,666.66), U.S. Bank National Association ($166,666,666.66), Crédit Agricole Corporate and Investment Bank ($150,000,000.00), Morgan Stanley Bank N.A. ($150,000,000.00), Bank of Montreal ($81,666,666.67), Canadian Imperial Bank of Commerce ($81,666,666.67), The Bank of Nova Scotia ($81,666,666.67), Banco Bilbao Vizcaya Argentaria S.A. ($81,666,666.67), The Bank of New York Mellon ($50,000,000.00), The Northern Trust Company ($45,000,000.00), Banco Bradesco S.A. ($33,333,333.33), Fifth Third Bank N.A. ($33,333,333.33), and Sumitomo Mitsui Trust Bank Limited ($33,333,333.33).