Bank of China contributes to $2.25 billion revolving credit facility to Motorola Solutions for general corporate purposes in 2021 (Linked to Record ID#105424, #105425, #105423 and #105428)

Project narrative

On April 25, 2017, financial close was reached on a deal in which a syndicate of 22 banks — including Bank of China, China Merchants Bank, and ICBC — entered into a $2.2 billion USD revolving credit agreement with Motorola Solutions, Inc., a Delaware-incorporated company specializing in communications infrastructure and equipment. The loan matured in five years, with options for two one-year extensions. The interest rate for the loan was based on LIBOR plus an applicable margin, with the base rate dependent on the company's credit rating. The proceeds were to be used for general corporate purposes. During the quarter ended September 30, 2017, Motorola Solutions, Inc. had borrowings and repayments of $150 million, which was used to purchase Kodiak Networks (a push-to-talk-over-cellular provider). During the pandemic, Motorola Solutions, Inc. borrowed $800 million under the facility to bolster the cash holdings and repaid it during the year ended December 31, 2020. While Bank of China (Record ID#105423), China Merchants Bank (Record ID#105424), and ICBC (Record ID#105425) participated in this loan, the following foreign lenders also contributed: JPMorgan Chase Bank, N.A., Citibank, N.A., Bank of America, N.A., Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Bank USA, Wells Fargo Bank, National Association, Santander Bank, N.A., Mizuho Bank, Ltd., The Toronto-Dominion Bank, Lloyds Bank plc, the Northern Trust Company, U.S. Bank National Association, PNC Bank, N.A., DBS Bank Ltd, Bank of Montreal, and Unicredit Bank AG. Then, on March 24, 2021, financial close was reached on a deal in which a syndicate of 23 banks — including Bank of China and ICBC— entered into a $2.25 billion USD revolving credit agreement with Motorola Solutions. This revolving credit replaced the 2017 agreement. The loan had a five-year maturity and was priced based on LIBOR plus an applicable margin. The proceeds were to be used for general corporate purposes. While Bank of China, Chicago Branch (Record ID#105426), ICBC, New York Branch (Record ID#105427) participated in this loan, the following foreign lenders also contributed: JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Deutsche Bank AG New York Branch, Deutsche Bank AG Securities Inc., Goldman Sachs Bank USA,Mizuho Bank, Ltd., Bank of Montreal, BNP Paribas, DBS Bank LTD., HSBC Bank USA, N.A., PNC Bank, N.A., Santander Bank, N.A., The Northern Trust Company, U.S. Bank National Association, Fifth Third Bank, N.A., Keybank National Association, Lloyds Bank PLC, The Bank of Nova Scotia, and Unicredit Bank AG. Then, on February 8, 2023, the borrower and lenders entered into an amendment to replace the interest rate benchmark from LIBOR to SOFR.