Bank of China contributes to the $1.578 billion USD committed tranche of a $2.63 billion USD syndicated revolving credit facility in 2022 to Freepoint Commodities for working capital and refinancing purposes (Linked to Record ID#105259)

Project narrative

On May 3, 2021, financial close was reached on a deal in which a syndicate of 18 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 $2.63 billion USD syndicated revolving credit facility (RCF) agreement 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 $1,709,500,000 USD committed tranche with a maturity period of three years and a $920,500,000 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 by the borrower to refinance the 2020 RCF and its working capital purposes. Record ID#105256 captures BOC's contribution. Record ID#105257 captures ICBC's contribution. Then, on June 9, 2022, it was announced that financial close was reached on a deal in which a syndicate of 18 banks — including BOC NY Branch and ICBC NY Branch — entered into a $2.63 billion USD syndicated RCF agreement with Freepoint Commodities LLC for refinancing and working capital purposes. This loan was divided into two tranches: a $1,578,000,000 USD committed tranche with a maturity period of three years; and a $1,052,000,000 USD uncommitted tranche with a maturity period of one year. This RCF carried a $570 million USD accordion feature. The proceeds were to be used by the borrower to refinance the 2021 RCF and for working capital purposes. Record ID#105258 captures BOC's contribution. Record ID#105259 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, the New York Branch of Coöperatieve Rabobank U.A., ING Bank N.V., Société Générale S.A. (SocGen), Wells Fargo Bank, N.A., Credit Suisse (Switzerland) Ltd., UBS Switzerland AG, Crédit Agricole Corporate and Investment Bank (CACIB), the New York Branch of Deutsche Bank AG, the New York Agency of Oversea-Chinese Banking Corporation Limited (OCBC Bank), Commonwealth Bank of Australia (CBA), HSBC Bank USA, N.A., Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation (SMBC). BBNPPSC, MUFG, and Natixis NY Branch served as Joint Lead Arrangers and Bookrunners. Rabobank NY Branch, SocGen, and Wells Fargo Bank, N.A. served as Joint Lead Arrangers. BNPPSC served as Administrative Agent. Rabobank NY Branch, ING Bank, SocGen, and Wells Fargo served as Co-Syndication and Co-Documentation Agents. Continuing participating lenders included: BOC NY Branch, ICBC NY Branch, Credit Suisse (Switzerland), UBS Switzerland, CACIB, Deutsche Bank NY Branch, the New York Agency of OCBC Bank, CBA, HSBC Bank USA, Mizuho and SMBC. Then, on June 8, 2023, it was announced that financial close was reached on a deal in which a syndicate of 19 banks — including BOC NY Branch and ICBC NY Branch — entered into a $2.5 billion USD syndicated RCF agreement with Freepoint Commodities LLC for refinancing and working capital purposes. This loan was divided into two tranches: a $1,500,000,000 USD committed tranche with a maturity period of three years; and a $1,000,000,000 USD uncommitted tranche with a maturity period of one year. This RCF carried a $700 million USD accordion feature. The proceeds were to be used by the borrower to refinance the 2022 RCF and for working capital purposes. Record ID#105260 captures BOC's contribution. Record ID#105261 captures ICBC's contribution.