Bank of China contributes to a €2.5 billion EUR syndicated sustainability-linked revolving credit facility to Porsche for liquidity purposes (Linked to Record ID#102154)

Project narrative

In June 2023, a syndicate of 21 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a €2.500 billion EUR syndicated sustainability-linked revolving credit facility (RCF) agreement with Dr. Ing. h.c. F. Porsche AG (Porsche AG) — a German automobile manufacturer headquartered in Stuttgart, Baden-Württemberg that specializes in luxury, high-performance sports cars, SUVs, and sedans, headquartered in Stuttgart, Baden-Württemberg, Germany and majority-owned by Volkswagen AG — for liquidity purposes. This loan carried a maturity period of five years with two one-year maturity extension options. As a sustainability-linked facility, this loan's financing costs were dependent on the borrower's performance on sustainability-linked indicators; specifically, Porsche's development of the proportion of all-electric vehicles sold relative to its total sales. The proceeds were to be used by the borrower was the sole purpose of bolstering its liquidity, with no plans by the borrower to draw it. Record ID#102153 captures BOC's contribution. Record ID#102154 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: Barclays Bank Plc, BNP Paribas S.A., Deutsche Bank, Landesbank Baden-Württemberg (LBBW), Australia and New Zealand Banking Group (ANZ), Bank of America Corporation, Canadian Imperial Bank of Commerce (CIBC), Commerzbank AG, Crédit Agricole Group, Goldman Sachs Group Inc., Landesbank Hessen-Thüringen (Helaba), JPMorgan Chase Bank N.A., Mediobanca, Mizuho Bank, Morgan Stanley, Société Générale S.A. (SocGen), Standard Chartered Bank Plc, UniCredit S.p.A., and Wells Fargo Bank N.A. Barclays served as sustainability coordinator. Barclays, BNP Paribas, Deutsche Bank, and LBBW served as coordinators and bookrunners. The other lenders served as mandated lead arrangers.. As of December 31, 2023, there was no outstanding balance under this loan.