Bank of China contributes to a €2.5 billion EUR syndicated revolving credit facility to Merck KGaA for refinancing and general corporate purposes

Project narrative

In the fourth quarter of 2022, a syndicate of 14 banks — including Bank of China (BOC) — entered into a €2.5 billion EUR revolving credit facility (RCF) agreement with Merck KGaA — a German chemical and pharmaceutical company — for refinancing and general corporate purposes. The RCF carried a maturity period of five years, with two one-year extension options. The proceeds of this RCF were used by the borrower to refinance an existing facility worth €2 billion EUR signed in June 2018, and was intended primarily for back-up financing purposes and was not expected to be drawn down. In addition to BOC, the lenders include Bank of America, Barclays Bank Plc, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Deutsche Bank (as the facility and documentation agent), Goldman Sachs, JP Morgan, Mizuho Bank, Skandinaviska Enskilda Banken AB (SEB), Société Générale (mandated lead arranger), UniCredit Bank AG (mandated lead arranger), Commerzbank Aktiengesellschaft (Commerzbank AG), DZ Bank AG (arranger), and National Westminster Bank Plc (NatWest) (arranger).