ICBC contributes to the $1.69 billion USD committed tranche of a $2.6 billion USD syndicated revolving credit facility in 2019 to Freepoint Commodities for working capital and refinancing purposes (Linked to Record ID#105252)

Project narrative

On May 10, 2018, financial close was announced on a deal in which a syndicate of 16 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 $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. 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. 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, Crédit Agricole Corporate and Investment Bank (CACIB), Credit Suisse (Switzerland) Ltd., the New York Branch of Deutsche Bank AG, the New York Agency of Oversea-Chinese Banking Corporation Limited (OCBC Bank), Standard Chartered Bank PLC, UBS Switzerland AG, DBS Bank, HSBC Bank USA, N.A., and Wells Fargo Bank, N.A.. BNPPSC, MUFG, and Natixis NY Branch served as Joint Lead Arrangers and Bookrunners. BNPPSC served as Administrative Agent. ABN AMRO Capital USA LLC, the New York Branch of Coöperatieve Rabobank U.A., ING Bank N.V., and Société Générale S.A. (SocGen) served as Co-Syndication and Co-Documentation Agents. Continuing participating lenders included: BOC NY Branch, ICBC NY Branch, CACIB, Credit Suisse (Switzerland) Ltd., Deutsche Bank NY Branch, Standard Chartered Bank, UBS Switzerland, and the New York Agency of OCBC Bank. DBS Bank, HSBC Bank USA, and Wells Fargo Bank joined as new participants. The RCF was oversubscribed by 32%. Then, on May 4, 2020, financial close was reached on a deal in which a syndicate of 17 banks — including BOC NY Branch and ICBC NY Branch — entered into a $2.565 billion USD syndicated RCF agreement with Freepoint Commodities LLC for working capital and refinancing purposes. This loan was divided into two tranches: a $1,667,250,000 USD committed tranche with a maturity period of three years; and a $897,750,000 USD uncommitted tranche with a maturity period of one year. This RCF carried a $600 million USD accordion feature. The proceeds were to be used for refinancing the existing RCF and for working capital purposes. Record ID#105254 captures BOC's contribution. Record ID#105255 captures ICBC's contribution.