ICBC contributes to $1.25 billion USD upsizing in syndicated revolving credit to Micron Technology for general corporate purposes in 2019 (Linked to Record ID#105140, #105141, #105143, and #105144)

Project narrative

On July 3, 2018, financial close was reached on a deal in which a syndicate of 15 banks— including ICBC — entered into a $2,000,000,000 USD syndicated revolving credit agreement with Micron Technology, Inc., a leading Delaware-based semiconductor manufacturer intended for general corporate purposes. The maturity of the loan is five years, with a scheduled maturity date of July 3, 2023, and the interest rate is based on the Eurodollar LIBOR Rate plus an Applicable Margin ranging from 1.25% to 2.00%, depending on Micron’s corporate credit rating. The proceeds were used by Micron Technology for general corporate purposes. While ICBC (Record ID#105140) contributed to this loan, other lenders involved include JPMorgan Chase Bank, N.A., HSBC Securities (USA) Inc., BNP Paribas Securities Corp., Crédit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd., DBS Bank, Ltd., Citibank, N.A., Overseas-Chinese Banking Corporation Limited, Wells Fargo Bank, National Association, Citibank N.A., MUFG Bank, Ltd., Australia and New Zealand Banking Group Limited, Credit Suisse AG, Cayman Islands, Morgan Stanley Bank, N.A., and Goldman Sachs Bank USA. Micron’s obligations under the Credit Agreement will be unconditionally guaranteed, on a senior secured basis, by each material restricted subsidiary of Micron. In 2018, the only guarantor subsidiary is Micron Semiconductor Products, Inc. However, if Micron’s credit ratings increase, the company may suspend the guarantee commitment. On November 27, 2018, Micron and the lenders entered into Incremental Amendment No.1, in which the lenders agreed to provide $500 million USD more for the revolving credit. ICBC contributed $150 million USD (Record ID#105141） The maturity date remains July 3, 2023. On March 13, 2020, Micron drew the $2.5 billion available under the revolving credit facility. On July 9, 2019, Micron and the same lenders including ICBC, NY Branch (Record ID#105142) entered into Incremental Amendment No.2, in which the lenders agreed to provide $1.25 billion of financing. Micron suspended the security interest in the collateral under the credit agreement in 2019 upon satisfying the credit ratings requirement (at least Ba1 from Moody’s, (ii) at least BB+ from S&P and (iii) at least BB+ from Fitch). On October 30, 2019, the Company drew all of the $1.25 billion available under our term loan credit facility. Principal payments are due annually in an amount equal to 5.0% of the initial principal amount with the balance due at maturity in October 2024. On May 14, 2021, financial close was reached on a deal in which a syndicate of 21 banks — including ICBC — entered into a $2.5 billion USD syndicated revolving credit agreement with Micron Technology, Inc. for general corporate purposes. This facility replaced the $2.5 billion facility in 2018. The maturity for the new facility matures on May 14, 2026. The interest rate is based on the Eurodollar LIBOR Rate plus an Applicable Margin depending on Micron’s corporate credit rating. The Company will also pay commitment fees on the average daily unused portion of total commitments under the Revolving Credit Facility at an applicable rate varying depending on the Company’s corporate ratings. While ICBC (Record ID#105143) contributed to this loan, other lenders involved include JPMorgan Chase Bank, N.A., HSBC Securities (USA) Inc., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd., DBS Bank, Ltd., Citibank, N.A., Bank of America, N.A., Overseas-Chinese Banking Corporation Limited, Wells Fargo Bank, National Association, The Bank of Nova Scotia, Barclays Bank PLC, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, U.S. Bank National Association, MUFG Bank, Ltd., Australia and New Zealand Banking Group Limited, Credit Suisse AG, Cayman Islands, Morgan Stanley Bank, N.A., and Goldman Sachs Bank USA. On June 7, 2023, Micron and the lenders entered into an amendment in which the parties replaced LIBOR rate with SOFR. Adjusted term SOFR for the Revolving Credit Facility agreement is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.11% to 0.43% depending on the applicable interest period selected. Other terms remain unchanged. ICBC’s record based on the rescheduled terms is captured in Record ID#105144.