ICBC participates in rescheduling of $4 billion syndicated revolving credit facility to Alcoa — via one year maturity extension — in 2015 (Linked to Record ID#105412, #105413, #105411, #105414, #105416, #105415, #105417 and #105418)

Project narrative

On July 25, 2011, financial close was reached on a deal in which a syndicate of 25 banks — including Bank of China, China Merchants Bank, and ICBC — entered into a $3.75 billion USD syndicated revolving credit agreement with Alcoa Inc., a Pennsylvania-based multinational company specializing in the production of aluminum and related products. The loan was structured as a five-year revolving credit facility maturing on July 25, 2016. The interest rate for this facility was based on LIBOR plus an applicable margin, determined according to Alcoa's credit ratings. The proceeds of the loan were designated for general corporate purposes, including providing liquidity for Alcoa's commercial paper program and other working capital needs, and refinancing the existing credit facility from 2007. While Bank of China ($50 million) (Record ID#105411), China Merchants Bank ($50 million) (Record ID#105412), and ICBC ($50 million) (Record ID#105413) contributed to this loan, the following lenders also participated: Citibank, N.A. ($280 million), JPMorgan Chase Bank, N.A. ($280 million), BNP Paribas ($240 million), Credit Suisse AG, Cayman Islands Branch ($240 million), Goldman Sachs Bank USA ($240 million), Royal Bank of Canada ($240 million), The Bank of Tokyo-Mitsubishi UFJ, Ltd ($240 million), The Royal Bank of Scotland plc ($240 million), Morgan Stanley Bank, N.A. ($175 million), Australia and New Zealand Banking Group Limited ($140 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($140 million), The Bank of New York Mellon ($140 million), U.S. Bank National Association ($140 million), Westpac Banking Corporation ($140 million), Banco Bradesco S.A., New York Branch ($100 million), Crédit Agricole Corporate & Investment Bank ($100 million), Intesa Sanpaolo S.p.A., New York Branch ($100 million), Lloyds TSB Bank plc ($100 million), Societe Generale ($50 million), Standard Chartered Bank ($50 million), The Northern Trust Company ($50 million), and Riyad Bank, Houston Agency ($25 million). On July 25, 2014, financial close was reached on a deal in which a syndicate of 30 banks — including Bank of China, China Merchants Bank, and ICBC — entered into a $4 billion USD syndicated revolving credit agreement with Alcoa Inc. The loan was structured as a five-year revolving credit facility maturing on July 25, 2019, with options for extensions through 2020 and 2021. The interest rate for this facility was based on LIBOR plus an applicable margin, determined according to Alcoa's credit ratings. This loan replaced the 2011 loan. The proceeds of the loan were designated for general corporate purposes, including providing liquidity for Alcoa's commercial paper program and other working capital needs. While Bank of China ($50 million) (Record ID#105414), China Merchants Bank ($50 million) (Record ID#105415), and ICBC ($90 million) (Record ID#105416) contributed to this loan, the following lenders also participated: Citibank, N.A. ($247.5 million), JPMorgan Chase Bank, N.A. ($247.5 million), BNP Paribas ($230 million), Credit Suisse AG ($230 million), Goldman Sachs Bank USA ($230 million), Morgan Stanley Bank, N.A. ($230 million), Royal Bank of Canada ($230 million), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($230 million), The Royal Bank of Scotland plc ($230 million), Australia and New Zealand Banking Group Limited ($125 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($125 million), Bank of America, N.A. ($125 million), Deutsche Bank AG New York Branch ($125 million), Intesa Sanpaolo S.p.A. ($125 million), Mizuho Bank, Ltd. ($125 million), Sumitomo Mitsui Banking Corporation ($125 million), The Bank of New York Mellon ($125 million), U.S. Bank National Association ($125 million), Westpac Banking Corporation ($125 million), Banco Bradesco S.A., New York Branch ($90 million), Crédit Agricole Corporate & Investment Bank ($90 million), Societe Generale ($50 million), Standard Chartered Bank ($50 million), TD Bank, N.A. ($50 million), PNC Bank, National Association ($50 million), The Northern Trust Company ($50 million), and Riyad Bank, Houston Agency ($25 million). On June 5, 2015, the lender and borrowers amended certain terms and also extended the maturity to July 25, 2020. On September 16, 2016, the lender and the borrowers entered into an Amendment in which they altered certain definitions. BOC’s contribution to the rescheduling is captured in Record ID#105417, China Merchants Bank’s contribution is captured in Record ID#105418, and ICBC’s contribution is captured in Record ID#105419.