ICBC contributes to €10 billion EUR syndicated revolving credit facility to Volkswagen AG for general corporate and refinancing purposes

Project narrative

On or before December 5, 2019, a syndicate of 39 banks — including the Bank of China (BOC), China Construction Bank Corporation (CCB), and Industrial and Commercial Bank of China (ICBC) — entered into a €10 billion EUR syndicated revolving credit facility to Volkswagen AG for general corporate purposes. Loan terms included a maturity of five years with two one-year extension options. This loan attracted a strong level of interest during syndication and was significantly oversubscribed, allowing Volkswagen to double the amount of its existing core revolving credit facility, an €5 billion EUR syndicated credit line agreed upon in July 2011. Volkswagen opted to take both extension options, so the loan matures in December 2026. The facility was fully drawn by Volkswagen in early 2020 due to projected liquidity challenges related to COVID-19, but all drawn amounts were repaid within the year, and the facility was unused as of March 31, 2023. The syndicate consisted of 39 banks. As co-ordinators, bookrunners, and mandated lead arrangers: Citigroup, Crédit Agricole and UniCredit. As bookrunners and mandated lead arrangers: Bank of America Merrill Lynch, Bank of China (captured in Record ID#101076), BBVA, BNP Paribas, China Construction Bank (captured in Record ID#101078), Commerzbank, Deutsche Bank, Goldman Sachs, HSBC, ICBC (captured in this Record ID#101077), ING, Intesa Sanpaolo, JP Morgan, Mizuho, Morgan Stanley, MUFG, NatWest Markets, RBC, Santander, SMBC, Société Générale and Wells Fargo. As mandated lead arrangers: another six banks. As lead arrangers: another eight banks. The 2020 one-year maturity extension rescheduling for BOC is captured by Record ID#110992, CCB by Record ID#110993, and ICBC by Record ID#110994. The 2021 one-year maturity extension for BOC is captured by Record ID#110995, CCB by Record ID#110996, and ICBC by Record ID#110997.