Bank of China (London Branch) contributes to debt rescheduling — via a 2016 one-year maturity extension — of its $74.074 million USD commitment to a 2014 $2 billion USD syndicated revolving credit facility to ABB Finance B.V. and ABB Treasury Center (USA), Inc. for general corporate purposes

Project narrative

On May 23, 2014, a syndicate of 27 banks — including the London Branch of BOC and ICBC (London) plc — signed a $2 billion USD multi-currency RCF agreement with with ABB Finance B.V. — a Netherlands-incorporated and Amsterdam-headquartered wholly owned subsidiary of ABB Limited, the Swedish-Swiss multinational electrical equipment corporation incorporated in Switzerland headquartered in Västerås, Sweden, and Zürich, Switzerland and the holding company for the entire ABB Group — and ABB Treasury Center (USA), Inc. — a Delaware, United States-incorporated and Wilton, Connecticut-headquartered wholly owned finance vehicle of ABB Limited — for general corporate purposes. This RCF carried a maturity period of five years with two one-year extensions, an initial final maturity date in 2019, an interest rate based on LIBOR or EURIBOR, dependent on the drawings, plus a margin of 0.20%, commitment fees payable on the unused portion equal to 35% of the margin (0.07% per annum), and utilization fees, payable on drawings, amount to 0.075% per annum on drawings up to one-third of the facility, 0.15% per annum on drawings in excess of one-third but less than or equal to two-thirds of the facility, or 0.30% per annum on drawings over two-thirds of the facility. This RCF contained cross-default clauses whereby an event of default would occur if ABB were to default on indebtedness as defined in the facility. ABB Limited served as a guarantor for this RCF. The proceeds of this RCF were used to replace an existing $2 billion USD RCF originally accrued in 2009 and for general corporate purposes, so long as the swingline sub-facilities were not used to refinance other swingline advances. 26 lenders, including BOC and ICBC (London), each contributed $74,074,074 USD; one lender, the London Branch of Citibank N.A., contributed $74,074,076 USD. Record ID#101050 captures BOC's contribution. Record ID#101051 captures (ICBC) London's contribution. In addition to the two Chinese state-owned banks, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Bank of America Merrill Lynch International Limited, Barclays Bank PLC, BNP Paribas (Suisse) S.A., the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), the London Branch of Citibank, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Crédit Agricole (Suisse) S.A. (CAS), Credit Suisse AG, Deutsche Bank Luxembourg S.A., DNB Bank ASA, Goldman Sachs Bank USA, HSBC Bank plc, the Geneva Branch of ING Belgium, the London Branch of JPMorgan Chase Bank N.A., Morgan Stanley Bank, N.A., Nordea Bank AB (publ), The Royal Bank of Scotland plc Niederlassung Frankfurt, Banco Santander, S.A., Skandinaviska Enskilda Banken AB (publ) (SEB), Société Générale S.A. (SocGen), acting through its Frankfurt branch, Standard Chartered Bank PLC, Svenska Handelsbanken AB (publ), UBS AG, and UniCredit Luxembourg S.A.. Additionally, BOC London Branch had $27,777,777 USD and ICBC (London) had a $27,777,798 USD commitment to the Euro Swingline Facility under this RCF, part of their overall commitments. This RCF was amended on June 13, 2014. No amount was drawn under the RCF as of December 31, 2014. Then, in 2015, the banking syndicate — still including the London Branch of BOC and ICBC (London) — entered into an amendment agreement with the borrowers for the $2 billion USD syndicated RCF; in this amendment, the lenders extended the maturity period of the loan by one year for a new final maturity date in 2020 (a new maturity period of six years). Record ID#101092 captures BOC's contribution to the debt rescheduling. Record ID#101093 captures ICBC's contribution to the debt rescheduling. No amount was drawn under the RCF as of December 31, 2015. Then, in 2016, the banking syndicate — still including the London Branch of BOC and ICBC (London) — entered into an amendment agreement with the borrowers for the $2 billion USD syndicated RCF; in this amendment, the lenders extended the maturity period of the loan by one year for a new final maturity date in 2021 (a new maturity period of seven years) {{see pg.128 of ID#193211}. Record ID#101094 captures BOC's contribution to the debt rescheduling. Record ID#101095 captures ICBC's contribution to the debt rescheduling. No amount was drawn under the RCF as of December 31, 2016. No amount was drawn under the RCF as of December 31, 2017. No amounts were outstanding as of December 31, 2018. The 2014 RCF was terminated in December 2019. Then, on December 16, 2019, a syndicate of 19 banks — including Swiss Branch Zurich of China Construction Bank Corporation (CCB) — entered into a $2,000,000,000 USD multicurrency RCF agreement with ABB Finance B.V. and ABB Treasury Center (USA), Inc. for general corporate purposes. This loan carried a maturity period of five years with two one-year extension options, a final maturity date in December 2024, an interest rate based on LIBOR or EURIBOR (dependent on the currency of the drawings) plus a margin of 0.175%, commitment fees payable on the unused portion of RCF equal to 35% of the margin (0.06125% per annum), utilization fees payable on drawings equal to 0.075% per annum on drawings up to one-third of the RCF, 0.15% per annum on drawings between one-third and two-thirds of the RCF, or 30% per annum on drawings over two-thirds of the RCF. The RCF contained cross-default clauses whereby an event of default would occur if ABB Limited defaulted on indebtedness defined in the RCF or above a specific threshold. ABB Limited issued a guarantee for this RCF. The proceeds of this RCF were used to replace an existing $2 billion USD RCF originally accrued in 2014 and for general corporate purposes, so long as the swingline sub-facilities were not used to refinance other swingline advances. CCB committed $97,500,00.00 USD. Record ID#101096 captures CCB's contribution.