Bank of China contributes to 364-Day $3 billion USD syndicated revolving credit loan to Visa Inc., Visa International Service Association, and Visa U.S.A.Inc for general corporate purposes (Linked to Record ID#105445, #105444, #105447, #105448, #105449 and #105450)

Project narrative

On January 31, 2013, financial close was reached on a deal in which a syndicate of 12 banks—including Bank of China—participated in a $3 billion USD syndicated revolving credit facility with Visa Inc., Visa International Service Association, and Visa U.S.A. Inc., all Delaware-based corporations that operate globally in payment technology and services. The loan had a maturity of 364 days, and the interest rate was LIBOR plus an applicable margin based on the company’s credit ratings. The proceeds from this loan were intended to provide liquidity for general corporate purposes, including working capital needs and other financial obligations related to Visa's ongoing operations. While Bank of China contributed $285 million to this loan (Record ID#105444), the following lenders also participated: Bank of America, JPMorgan Chase Bank, Citibank, Standard Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ, U.S. Bank National Association, Wells Fargo Bank, Canadian Imperial Bank of Commerce, Barclays Bank PLC, Goldman Sachs Bank USA and HSBC USA, N.A. On January 29, 2014, the company and the lenders renewed the 364-day $3 billion USD syndicated loan facility with the same terms. Bank of China’s contribution is captured in Record ID#105445. On January 28,2015, the company and the lenders renewed the 364-day $3 billion USD syndicated loan facility with the same terms. Bank of China’s contribution is captured in Record ID#105446. On January 27, 2016, financial close was reached on a deal in which a syndicate of 14 banks—including Bank of China—participated in a $4 billion USD revolving credit facility agreement with Visa Inc., Visa International Service Association, and Visa U.S.A. Inc. as borrowers. The loan's maturity is five years, and the interest rate is based on LIBOR plus an applicable margin. The facility also allows for swingline loans and multicurrency options for U.S. dollars, Euros, and British pounds. This revolving credit facility was structured to provide Visa Inc. with general corporate financing, including working capital needs. While Bank of China contributed to this loan (Record ID#105447), other lenders included Bank of America, JPMorgan Chase Bank, Goldman Sachs Bank USA, Royal Bank of Canada, U.S. Bank National Association, Barclays Bank PLC, Citibank, Deutsche Bank AG, HSBC Bank US, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Toronto Dominion LLC, Standard Chartered Bank, and Wells Fargo Bank. On January 27, 2017, the borrower and leders extended the term of the credit facility by one year, which will now expire on January 27, 2022. BOC’s participation in the rescheduling is captured in #105448. On July 25, 2019, financial close was reached on a deal in which a syndicate of 14 banks—including Bank of China—participated in a $5 billion USD revolving credit facility with Visa Inc., Visa International Service Association, Visa U.S.A. Inc., and Visa Europe Limited, all subsidiaries of Visa Inc. The revolving credit facility's maturity is five years, and the interest rate was based on LIBOR plus an applicable margin. The use of proceeds was designated for general corporate purposes, including working capital and operational financing needs. While Bank of China contributed to this loan (Record ID#105449), the following lenders also participated: Bank of America, JPMorgan Chase Bank, Citibank, Deutsche Bank, HSBC, Barclays Bank PLC, MUFG Bank, Ltd., Royal Bank of Canada, Standard Chartered Bank, The Toronto-Dominion Bank, U.S. Bank National Association, and Wells Fargo Bank, National Association. On May 31, 2023, financial close was reached on a deal in which a syndicate of 16 banks—including Bank of China—participated in a $7 billion USD revolving credit facility with Visa Inc., Visa International Service Association, Visa U.S.A. Inc., and Visa Europe Limited, all subsidiaries of Visa Inc. The revolving credit facility has a five-year maturity, with the interest rate based on SOFR plus an applicable margin. The RCF is divided into 2 tranches (Tranche A with a total commitment of $1,228,000,000 and Tranche B has a commitment of $5,772,000,000). The use of proceeds was designated for general corporate purposes, including working capital and other operational financing needs. While Bank of China contributed $440,000,000 to Tranche A of the loan (Record ID#105450), the following lenders also participated: DBS Bank Ltd., Bank of America, JPMorgan Chase Bank, Banco Bilbao Vizcaya Argentaria, S.A., Lloyds Bank Corporate Markets PLC, Citibank, Deutsche Bank, HSBC, Barclays Bank PLC, MUFG Bank, Ltd., Royal Bank of Canada, Standard Chartered Bank, The Toronto-Dominion Bank, U.S. Bank National Association, and Wells Fargo Bank, National Association.