Bank of China contributes to $2 billion USD syndicated revolving credit facility to FMC Corporation in 2022 for general corporate and debt refinancing purposes (Linked to Record ID#105242, #105243, #105244 and #105241)

Project narrative

On August 5, 2011, financial close was reached on a deal in which a syndicate of several banks—including the New York Branch of the Bank of China (BOC)—entered into a $1,500,000,000 USD syndicated revolving credit facility agreement with FMC Corporation, a Delaware-based company involved in chemical manufacturing and related services, as well as its European subsidiaries FMC Finance B.V., FMC Chemicals Netherlands B.V., FMC Foret, S.A., FMC BioPolymer Germany GmbH, and Surety International Ltd. The loan had a maturity of 5 years with an option to extend the maturity by 2 years. The interest rate was based on the LIBOR rate, plus an applicable margin determined by the company's debt ratings. The proceeds were used by FMC Corporation to refinance existing credit extensions, pay related transaction costs, fees, and expenses, and for general corporate purposes, including a commercial paper backstop and the issuance of Letters of Credit. BOC contributed $40 million USD to this loan (Record ID#105241). In addition to BOC, the following lenders also participated: Citibank, N.A., Bank of America, N.A., BNP Paribas, DnB NOR Bank ASA, HSBC Bank USA, National Association, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank National Association, CoBank, ACB, Australia and New Zealand Banking Group Limited, Branch Banking and Trust Company, Citizens Bank of Pennsylvania, JPMorgan Chase Bank, N.A., KBC BANK N.V., NEW YORK BRANCH, Lloyds TSB Bank plc, Societe Generale, TD Bank, N.A., The Bank of New York Mellon, and Wells Fargo Bank, N.A.. On August 5, 2013, the company entered into an Amendment and Consent No.1 to extend the maturity by one year (August 5, 2017). BOC’s contribution is captured in Record ID#105242. On May 2, 2017, the company and its European subsidiaries entered into an amended and restated RCF (No. 2) with a syndicate of 20 banks—including the New York Branch of BOC— to refinance and replace the $1.5 billion USD loan with a new one. The loan had a maturity of 5 years with an option to extend the maturity by 2 years. The interest rate was based on the LIBOR rate, plus an applicable margin determined by the company's debt ratings. In addition to BOC (Record ID#105243), the following banks also contributed to the loan syndicate: Citibank, N.A., Bank of America, N.A., BNP Paribas, CoBank, ACB, Santander Bank N.A., Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, Branch Banking and Trust Company, Citizens Bank of Pennsylvania, N.A., The Bank of New York Mellon, Lloyds Bank plc, Coöperative Rabobank U.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., JPMorgan Chase Bank, N.A., KBC BANK N.V., NEW YORK BRANCH, PNC Bank, N.A., Societe Generale, TD Bank, N.A., and Wells Fargo Bank, N.A. On September 28, 2018, the parties entered into an amendment (No. 3) in which they amended to permit the previously disclosed separation and spin-off of FMCLithium. On May 17, 2019, the Company and its European subsidiaries FMC Finance B.V., FMC Chemicals Netherlands B.V. and FMC Foret, S.A. signed an amended and restated agreement (No. 4) with a syndicate of 17 banks—including the New York Branch of BOC—to refinance and replace the $1.5 billion USD loan in 2017 with a new one. The loan had a maturity of 5 years. The interest rate was based on the LIBOR rate, plus an applicable margin determined by the company's debt ratings. In addition to BOC (Record ID#105244), the following banks also contributed to the loan syndicate: Citibank, N.A., Bank of America, N.A., BNP Paribas, CoBank, ACB, Santander Bank N.A., Sumitomo Mitsui Banking Corporation, U.S. Bank National Association, Branch Banking and Trust Company, Citizens Bank, N.A., Coöperative Rabobank U.A., JPMorgan Chase Bank, N.A., KBC BANK N.V., NEW YORK BRANCH, PNC Bank, N.A., Societe Generale, TD Bank, N.A., and Wells Fargo Bank, N.A. On June 17, 2022, the Company and its European subsidiaries FMC Finance B.V. and FMC Chemicals Netherlands B.V. signed an amended and restated agreement (No. 5) with a syndicate of 15 banks—including the New York Branch of BOC—to refinance and replace the $1.5 billion USD loan in 2019 with a new agreement of $2 billion USD. The loan had a maturity of 5 years with a maturity date of June 17, 2027. The interest rate was based on the SOFR rate, plus an 0.1% adjustment and an applicable margin determined by the company's debt ratings. In addition to BOC (Record ID#105245), the following banks also contributed to the loan syndicate: Citibank, N.A., Bank of America, N.A., BNP Paribas, JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation, TD Bank, N.A., Santander Bank N.A., U.S. Bank National Association, Truist Bank, Citizens Bank, N.A., Coöperative Rabobank U.A., PNC Bank, N.A., CoBank, ACB, and Wells Fargo Bank, N.A.