Bank of China contributes to the $1.445 billion USD committed tranche of a $2.1 billion USD syndicated revolving credit facility in 2018 to Freepoint Commodities for working capital and refinancing purposes (Linked to Record ID#105250)

Project narrative

On April 24, 2017, financial close was announced on a deal in which a syndicate of 15 banks — including the New York Branch of the Bank of China (BOC) and the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $2.1 billion USD syndicated revolving credit facility (RCF) agreement with Freepoint Commodities LLC — a Delaware-incorporated global physical commodities merchant headquartered in Stamford, Connecticut — for working capital and refinancing purposes. This RCF was divided into two tranches: a $1.445 billion USD committed tranche with a maturity period of three years and a final maturity date in April 2020; and a $655 million USD uncommitted tranche with a maturity period of one year. This RCF carried a $300 million USD accordion feature. This RCF was an amendment-and-extension of an existing RCF. The proceeds were to be used by the borrower to refinance its existing RCF and for working capital purposes, namely the financing the physical merchant activities of the borrower's global commodities businesses. Record ID#105246 captures BOC's contribution. Record ID#105247 captures ICBC's contribution. Then, on May 10, 2018, financial close was announced on a deal in which a syndicate of 16 banks — including BOC NY Branch and ICBC NY Branch — entered into a $2.1 billion USD syndicated RCF agreement with Freepoint Commodities LLC for working capital and refinancing purposes. This RCF was divided into two tranches: a $1.445 billion USD committed tranche with a maturity period of three years; and a $655 million USD uncommitted tranche with a maturity period of one year. This RCF carried a $300 million USD accordion feature. The proceeds were to be used by the borrower to refinance its existing 2017 RCF and for working capital purposes, namely the financing the physical merchant activities of the borrower's global commodities businesses. Record ID#105249 captures BOC's contribution. Record ID#105250 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: BNP Paribas Securities Corp. (BNPPSC), MUFG Bank, Ltd., the New York Branch of Natixis, ING Bank N.V., Société Générale S.A. (SocGen), the New York Branch of Coöperatieve Rabobank U.A., ABN AMRO Capital USA LLC, Commonwealth Bank of Australia (CBA), Crédit Agricole Corporate and Investment Bank (CACIB), Credit Suisse (Switzerland) Ltd., the New York Branch of Deutsche Bank AG, UBS Switzerland AG, Standard Chartered Bank, and the New York Agency of Oversea-Chinese Banking Corporation Limited (OCBC Bank). BNPPSC, MUFG, and Natixis NY Branch served as Joint Lead Arrangers and Bookrunners. BNPPSC served as Administrative Agent. ABN AMRO Capital USA, the New York Branch of Rabobank., ING Bank, and SocGen served as Co-Syndication and Co-Documentation Agents. Continuing participating lenders included: BOC NY Branch, ICBC NY Branch, CBA, CACIB, Credit Suisse (Switzerland), Deutsche Bank NY Branch, Standard Chartered Bank, and UBS Switzerland. OCBC Bank New York Agency joined as a new participant. Then, on May 9, 2019, financial close was announced on a deal in which a syndicate of 18 banks — including BOC NY Branch and ICBC NY Branch — entered into a $2.6 billion USD syndicated RCF agreement with Freepoint Commodities LLC for working capital and refinancing purposes. This loan was divided into two tranches: a $1.69 billion USD committed tranche with a maturity period of three years; and a $910 million USD uncommitted tranche with a maturity period of one years. This RCF carried a $600 million USD accordion feature. The proceeds were to be used by the borrower to refinance its existing 2018 RCF and for working capital purposes, namely the financing the physical merchant activities of the borrower's global commodities businesses. Record ID#105252 captures BOC's contribution. Record ID#105253 captures ICBC's contribution.