Bank of China contributes to $1.5 billion USD syndicated term loan to FMC Corporation in 2017 for the acquisition of Dupont's Crop Protection

Project narrative

On May 2, 2017, financial close was reached on a deal in which a syndicate of 20 banks, including Bank of China, entered into a $1,500,000,000 USD syndicated term loan agreement between FMC Corporation, a Delaware-based company involved in chemical manufacturing and related services,and its European subsidiaries FMC Finance B.V., FMC Chemicals Netherlands B.V., FMC Luxembourg Holdings S.A.R.L, and FMC Luxembourg S.A.R.L signed a term loan agreement with a syndicate of 20 banks—including Bank of China—to refinance and replace the $1.5 billion USD loan with a new one. The maturity of the loan was 5 years with an interest rate based on the LIBOR rate plus an applicable margin determined by the company's debt ratings. The proceeds were to be used by FMC Corporation to purchase certain assets relating to DuPont’s Crop Protection business and research and development organization. In return, DuPont has agreed to purchase FMC Health and Nutrition, excluding the Omega-3 business. Therefore, FMC Corporation was to pay DuPont $1.2 billion in cash which reflected the difference in negotiated value between the divested businesses. While Bank of China contributed to this loan (as captured via Record ID#105248), the following lenders also participated: the following banks also contributed: 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 FMC Lithium. On November 1, 2017, the acquisition was completed. Then, on September 28, 2018, the parties entered into an amendment in which they amended to permit the previously disclosed separation and spin-off of FMCLithium. On May 26, 2021, the parties amended the 2017 Term Loan Agreement. The Term Loan Amendment primarily adjusted the maximum leverage ratio financial covenant. On November 22, 2021, the company signed a new agreement to replace the old term loan. The new loan did not involve Chinese banks.