Bank of China contributes $100 million USD to $2 billion USD syndicated loan to Flextronics for refinancing and general corporate and working capital purposes in 2011 (Linked to Record ID#104859, #104861, #104862, #104863, #104864 and #104865)

Project narrative

On October 19, 2011, financial close was reached on a deal in which a syndicate of 24 banks — including Bank of China — entered into a $2 billion USD syndicated loan agreement with Flextronics International Ltd., an electronics manufacturing services company headquartered in Austin, Texas and legally domiciled in Singapore. This loan was divided into two tranches: a $1.5 billion USD revolving credit facility and a $500 million USD Term A loan. The maturity of the loan is 5 years and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for working capital and general corporate purposes, enabling Flextronics to enhance its liquidity position and support ongoing operational needs across its global manufacturing and logistics operations. While Bank of China contributed $100 million USD to this loan, the following lenders also participated: Bank of America ($162.15 million USD), Citibank ($162.15 million USD), BNP Paribas ($152.14 million USD), HSBC Bank USA ($152.14 million USD), JPMorgan Chase ($152.14 million USD), The Bank of Nova Scotia ($152.14 million USD), The Royal Bank of Scotland ($152.14 million USD), Sumitomo Mitsui Banking Corporation ($100 million USD), Australia and New Zealand Banking Group ($75 million USD), Deutsche Bank ($75 million USD), Union Bank ($75 million USD), U.S. Bank ($75 million USD), Wells Fargo ($75 million USD), DBS Bank ($50 million USD), KBC Bank ($50 million USD), Mizuho Corporate Bank ($50 million USD), Skandinaviska Enskilda Banken ($50 million USD), The Bank of Tokyo-Mitsubishi UFJ ($50 million USD), UniCredit Bank Austria ($50 million USD), Barclays Bank ($25 million USD), and Allied Irish Banks ($15 million USD). In addition, The New Credit Facility permits the Company, at its option, to add one or more incremental term loan facilities and/or increase the revolving commitments in an aggregate amount not to exceed $500 million. Any incremental term loan facility or increase in revolving commitments would be on terms to be agreed among the Company, the Administrative Agent, and the lenders who agree to participate in the facility. On September 10, 2012, the Company and the borrowers entered into Amendment No. 1 in which they amended certain definitions. On September 28, 2012, the parties entered into Amendment No. 2 in which Agricultural Bank of China is added to be a lender of $50 million USD (Record ID#104859). On August 30, 2013, the Company entered into a $600 million USD term loan agreement due August 30, 2018 (5 years maturity). The proceeds of this loan were used to repay certain term loans in full that were outstanding at that time in the amount of $544.8 million. The remaining $55.2 million was used to repay part of the term loan due March 2019 and upfront bank fees. This loan is repayable in quarterly installments of $3.75 million, which commenced in December 2014 and continue through August 2018, with the remaining amount due at maturity. While Bank of China contributed $90 million USD, ICBC contributed $50 million USD, the following banks also contributed: The Bank of Tokyo-Mitsubishi UFJ, Ltd., Australia and New Zealand Banking Group Limited, DBS Bank Ltd., Los Angeles Agency; Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. On May 21, 2014, the parties entered into Amendment 1 in which they altered certain definitions. On November 16, 2016, the Company entered into a $700 million USD term loan agreement due November 16, 2021 (5 years maturity). The proceeds of this loan were used for working capital, capital expenditures and other general corporate purposes, including refinancing existing Indebtedness of the Borrower and its Subsidiaries. Specifically, $570.8 million of outstanding term loans, including interest and fees were paid using this new loan. The interest rate is LIBOR plus an applicable margin based on the Company’s credit ratings. While Bank of China (Record ID#104863) and ICBC (Record ID#104864) contributed $87.5 million USD each, and China Construction Bank (Record ID#104865) and Agricultural Bank of China (Record ID#104866) contributed $50 million USD each, the following banks also contributed: The Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., Standard Chartered Bank, Mizuho Bank (USA), State Bank of India and Sumitomo Mitsui Banking Corporation. On July 17, 2017, he parties entered into Amendment 1 in which they altered certain definitions. On June 30 2017, the Company entered into a $502,500,000 USD term loan agreement due June 30, 2022 (5 years maturity). In addition, the company also entered into a $1.75 billion revolving credit facility (RCF). The proceeds of the loans were used for working capital, capital expenditures and other general corporate purposes, including refinancing existing Indebtedness of the Borrower and its Subsidiaries. The interest rate is LIBOR plus an applicable margin based on the Company’s credit ratings. Bank of China contributed $26,212,541.62 USD for the term loan (Record ID#) and $91,287,458.38 USD for the RCF (Record ID#). ICBC contributed $34,382,504.29 USD for the term loan (Record ID#) and $105,617,495.71 for the RCF (Record ID#). In addition to Chinese banks’ contribution, Bank of America, N.A. served as the Administrative Agent and Swing Line Lender, while Citibank, N.A. acted as the Syndication Agent. The contributing banks included BNP Paribas, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank National Association, UniCredit Bank AG, Wells Fargo Bank, Banco Bradesco S.A., Deutsche Bank AG, Standard Chartered Bank, DBS Bank Ltd., KBC Bank NV and the State Bank of India. On September 10, 2012, the Company and the borrowers entered into Amendment No. 1 in which they amended certain definitions. On September 28, 2012, the parties entered into Amendment No. 2 in which Agricultural Bank of China is added to be a lender of $50 million USD to the term loan tranche (Record ID#104859).