Bank of China contributes to first one-year maturity extension of 2022 EUR 1.75 billion syndicated revolving credit facility to Evonik Industries AG for working capital purposes (Linked to Record ID#101515)

Project narrative

In 2023, Evonik Industries AG utilized the first of two, one-year maturity extension options for the EUR 1.75 billion syndicated revolving credit facility that they signed in November 2022, to which Bank of China was one of the 16 lenders. 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 an initial maturity of five years with two extension options of one year each. Upon utilization of the first extension option, the maturity increased from five to six years. 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. Bank of China's contribution to the original loan is captured in Record ID#101515. Bank of China's contribution to the first extension option in 2023 is captured in Record ID#101517. As of December 31, 2023, the loan had never been drawn.