China Bank of Communications Contributes $40 million USD to $1 billion USD syndicated term loan to American Tower Corporation in 2017 for working capital needs, financial acquisition, general corporate and debt refinancing purposes (Linked to Record ID#105356, #105357, #105358 and #105359)

Project narrative

On October 29, 2013, financial close was reached on a deal in which a syndicate of 26 banks—with no Chinese banks involvement—entered into a $1,500,000,000 USD syndicated term loan agreement with American Tower Corporation, a Delaware-incorporated company involved in real estate investment trust. The loan has a maturity date of January 3, 2019. The interest rate is based on the LIBOR rate, plus an applicable margin determined by the company's debt ratings. The proceeds were used by American Tower Corporation to refinance existing credit extensions, for working capital needs, for financial acquisitions and for general corporate purposes. The borrower entered into a series of amendments, changing certain definitions and terms, including reducing the total commitment to $1 billion USD. On December 15, 2017, the borrower and 33 financial institutions—including China Bank of Communications—entered into the sixth amendment to the original term loan agreement in which they added new participating banks and extended the maturity to be January 31, 2023. While Bank of Communications contributed $40 million USD (Record ID#105355), the following banks also contributed: Mizuho Bank (USA), TD Bank, Bank of America, Barclays Bank, Citibank, and JPMorgan Chase each provided $41 million; People's United Bank contributed $45 million; First Hawaiian Bank and The Bank of East Asia each provided $35 million; Royal Bank of Canada contributed $16 million; City National Bank contributed $25 million; The Bank of Tokyo-Mitsubishi UFJ provided $24.6 million; Morgan Stanley Bank provided $16.4 million; Banco Bilbao Vizcaya Argentaria, The Bank of Nova Scotia, Banco Santander, Societe Generale, and Sumitomo Mitsui Banking Corporation each contributed $21 million; CoBank ACB contributed $213 million; Fifth Third Bank, Goldman Sachs Bank USA, and HSBC Bank USA each provided $19 million. Several Lord Abbett funds collectively contributed amounts ranging from $106,500 to $63.644 million. Banco de Crédito e Inversiones contributed $25 million, Bank of Taiwan provided $20 million, Hua Nan Commercial Bank contributed $15 million, and Banco Sabadell contributed $12.5 million. On November 28, 2018, the borrower and 33 financial institutions—including China Bank of Communications—entered into the seventh amendment to the original term loan agreement in which they added new participating banks and extended the maturity to be January 31, 2024. While Bank of Communications contributed $40 million USD (Record ID#105356), the following banks also contributed: Mizuho Bank (USA), TD Bank, Bank of America, Barclays Bank, Citibank, and JPMorgan Chase each provided $40 million; People's United Bank contributed $50 million; First Hawaiian Bank and The Bank of East Asia each provided $35 million; MUFG Bank contributed $24 million; City National Bank contributed $25 million; Morgan Stanley Bank provided $16 million; Royal Bank of Canada, Commerzbank AG, Fifth Third Bank, Goldman Sachs Bank USA, HSBC Bank USA, ING Capital, Apple Bank for Savings, E.SUN Commercial Bank, and Land Bank of Taiwan each contributed $15 million. Banco Bilbao Vizcaya Argentaria, The Bank of Nova Scotia, Santander Bank, Societe Generale, and Sumitomo Mitsui Banking Corporation each provided $18 million. CoBank ACB contributed $225 million, Banco de Sabadell provided $22.5 million, Bank of Taiwan and Hua Nan Commercial Bank each contributed $20 million, Mega International Commercial Bank contributed $12.5 million, and American Savings Bank contributed $10 million. On December 20, 2019, the borrower and 32 banks—including China Bank of Communications—entered into the eighth amendment to the original term loan agreement in which they added new participating banks and extended the maturity to be January 31, 2025. While Bank of Communications contributed $40 million USD (Record ID#105357). the following banks also contributed: Mizuho Bank (USA), The Toronto-Dominion Bank, Bank of America, Barclays Bank, Citibank, and JPMorgan Chase each provided $40 million; People's United Bank and The Huntington National Bank each contributed $45 million; First Hawaiian Bank provided $35 million; MUFG Bank contributed $24 million; City National Bank and Banco de Sabadell each provided $25 million; Morgan Stanley Bank contributed $16 million; Royal Bank of Canada, Commerzbank AG, Goldman Sachs Bank USA, ING Capital, Apple Bank for Savings, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, E.Sun Commercial Bank, and Land Bank of Taiwan each contributed $15 million. Banco Bilbao Vizcaya Argentaria, The Bank of Nova Scotia, Banco Santander, Societe Generale, and Sumitomo Mitsui Banking Corporation each provided $18 million. CoBank ACB contributed $232.5 million, Mega International Commercial Bank provided $12.5 million, and American Savings Bank and Taiwan Cooperative Bank each contributed $10 million. On December 8, 2021, he borrower and 33 banks—including China Bank of Communications—entered into another amendment (this loan is also known as the “2021 Term Loan”) to the original term loan agreement in which they added new participating banks and extended the maturity to be January 31, 2027. While Bank of Communications contributed $30 million USD (Record ID#105358), the following banks also contributed: Mizuho Bank (USA), The Toronto-Dominion Bank, Bank of America, Barclays Bank, The Huntington National Bank, Citicorp North America, and JPMorgan Chase; People's United Bank and The Huntington National Bank; CoBank, ACB; MUFG Bank; Morgan Stanley Bank; Royal Bank of Canada; City National Bank; Banco Bilbao Vizcaya Argentaria; Societe Generale; Sumitomo Mitsui Banking Corporation; The Bank of Nova Scotia; American Savings Bank; Hua Nan Commercial Bank; Land Bank of Taiwan; Mega International Commercial Bank; ING Capital; Taiwan Cooperative Bank; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Truist Bank; Wells Fargo Bank; Banco Santander; Commerzbank AG; PNC Bank; and Credit Suisse AG. On June 29, 2023, the borrower and the banks amended the loan to replace LIBOR rate-based interest rate with SOFR with an applicable margin. China Bank of Communications’ contribution to the amendment is captured in Record ID#105359.