Bank of China contributes $75 million USD to $1.75 billion syndicated revolving credit facility to J.M.Smucker Company for general corporate purposes in 2017

Project narrative

On September 1, 2017, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China — entered into a $1.75 billion USD revolving credit agreement with The J. M. Smucker Company — an Ohio-based leading manufacturer of branded food products — and its subsidiary Smucker Foods of Canada Corp. The loan’s maturity is 5 years. The loan is available in both USD and Canadian Dollars for the Canadian lender. The interest rate for the US lender is LIBOR plus an applicable margin based on the credit ratings and for the Canadian lender is CDOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including working capital, acquisitions, and other corporate uses. While Bank of China contributed $75 million USD to this loan, the following lenders also participated: Bank of America, N.A. ($235 million USD), JPMorgan Chase Bank, N.A. ($235 million USD), BMO Capital Markets ($235 million USD), PNC Bank ($235 million USD), Fifth Third Bank ($162.5 million USD), Wells Fargo Bank, N.A. ($162.5 million USD), CoBank, ACB ($150 million USD), Huntington National Bank ($100 million USD), U.S. Bank National Association ($100 million USD), and AgFirst Farm Credit Bank ($60 million USD). On Apri 27, 2018, the borrower and the lenders entered into an amendment in which they changed certain definitions. On August 19, 2021, the borrower and 11 banks (no Chinese bank involved) entered into a new revolving credit agreement of $2 billion USD and replaced the old loan agreement.