Bank of China contributes to EUR 1.75 billion syndicated revolving credit facility to Evonik Industries AG for refinancing and working capital purposes (Linked to Record ID#101517)

Project narrative

In November 2022, a syndicate of 16 banks — including Bank of China (BOC) — signed an EUR 1.75 billion syndicated revolving credit facility (RCF) loan to Evonik Industries AG — a German specialty chemicals company — for working capital purposes. Loan terms include a maturity of five years with two extension options of one year each. The loan terms do not contain any covenants requiring Evonik to meet specific financial ratios. In the event of a change of control for Evonik resulting from a takeover bid, the banks could withdraw the credit facility. This loan refinances the previous facility of the same amount signed in June 2017 which originally ran until June 2024. The 16 lenders in the syndicate were: Bank of America, Bank of China, Barclays, BNP Paribas, Citi, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, HSBC, ING, J.P. Morgan, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, Société Générale, UniCredit. BNP Paribas and Commerzbank led the syndicate as coordinators. The first maturity extension option was utilized in 2023, and Bank of China's contribution to this extension is captured in Record ID#101517. As of December 31, 2023, the loan had never been drawn.