ICBC contributes to $750 million revolving credit facility to Pool Corporation for general corporate purposes in 2017 (Linked to Record ID#105435)

Project narrative

On September 29, 2017, financial close was reached on a deal in which a syndicate of 10 banks, including ICBC, entered into a $750 million USD syndicated multicurrency loan agreement with Pool Corporation — a Louisiana-based company involved in the distribution of swimming pool supplies, equipment, and related products, as well as irrigation and landscape products — and its foreign subsidiaries SCP Distributors Canada Inc., and SCP Pool B.V. (Dutch borrower). The maturity of the loan was five years, and the interest rate was based on one-month term LIBOR plus an applicable margin based on the company’s Average Total Leverage Ratio. While the loan was provided in USD, foreign subsidiaries were able to borrow in Euros and Canadian dollars. For Canadian borrowings, the interest rate was based on CDOR plus an applicable margin, and for borrowings in Euros, the interest rate was based on LIBOR. The proceeds were to be used by the borrower for general corporate purposes, including working capital, capital expenditures, and other lawful business activities. While ICBC contributed to this loan (Record ID#105434), the following lenders also participated: Wells Fargo Bank, National Association (Administrative Agent); Bank of America, N.A.; MUFG Union Bank, N.A.; Capital One, N.A.; Regions Bank; Branch Banking and Trust Company (BB&T); Fifth Third Bank; JPMorgan Chase Bank, N.A.; and The Bank of East Asia, Ltd. On September 21, 2018, the borrower and lenders entered into 1st amendment in which they changed certain definitions. In November 2019, they entered into 2nd amendment to change definitions. On September 27, 2021, financial close was reached on a deal in which a syndicate of 9 banks — including ICBC — entered into a $1 billion USD syndicated loan agreement with Pool Corporation ($750 million RCF and $250 million delayed-draw facility), under which the borrower could draw term loans at any time prior to March 25, 2022. The maturity of the loan was five years, and the interest rate was based on one-month term LIBOR plus an applicable margin. While the loan was provided in USD, foreign subsidiaries were able to borrow in Euros and Canadian dollars. For Canadian borrowings, the interest rate was based on CDOR plus an applicable margin, and for borrowing in Euros, the interest rate was based on LIBOR. The proceeds were to be used by the borrower for general corporate purposes, including working capital, capital expenditures, and other lawful business activities. On December 16, 2021, the company used part of the proceeds to acquire Porpoise Pool & Patio, Inc. for $788.7 million. While ICBC contributed to this loan (Record ID#105435), the following lenders also participated: Wells Fargo Bank, National Association (Administrative Agent); Bank of America, N.A.; Capital One, National Association; Regions Bank; Truist Bank; The Bank of East Asia, New York Branch; JPMorgan Chase Bank, N.A.; and Citibank, N.A. On June 30, 2023, the borrower and lenders entered into an agreement to replace LIBOR with the one-month term SOFR rate.