ICBC contributes to $1.5 billion syndicated revolving credit loan to Kellogg Company for general corporate and refinancing existing debt purposes in 2018 (Linked to Record ID#105556, #105558, and #105559)

Project narrative

On January 30, 2018, a financial close was reached on a five-year credit agreement in which a syndicate of 24 banks — including Bank of China and Industrial and Commercial Bank of China (ICBC) — entered into a $1.5 billion USD syndicated loan agreement with Kellogg Company, an American company that manufactures and markets ready-to-eat cereals and convenience foods. The loan's maturity is five years, and the interest rate was based on LIBOR plus an applicable margin based on the credit ratings of the company. The proceeds of the loan were used for general corporate purposes, including working capital and refinancing of existing debt. While Bank of China (Record ID#105556) and ICBC (Record ID#105557) contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, Barclays Bank, Bank of America, Citibank, Cooperatieve Rabobank U.A., Wells Fargo Bank, Deutsche Bank, HSBC Bank, ING Bank, Mizuho Bank, Morgan Stanley Bank, The Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, The Northern Trust Company, The Toronto-Dominion Bank, U.S. Bank, Bank of Montreal, Sumitomo Mitsui Banking Corporation, AgFirst Farm Credit Bank, GreenStone Farm Credit Services, ICICI Bank Limited, and The Bank of New York Mellon. On December 21, 2021, Kellogg Company and 23 banks — including Bank of China and Industrial and Commercial Bank of China (ICBC) — entered into a $1.5 billion revolving loan agreement and terminated the old loan. The loan has a five-year maturity, with an interest rate based on SOFR plus an applicable margin. The proceeds of the loan were used for general corporate purposes. While Bank of China (Record ID#105558) and ICBC (Record ID#105559) contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, Bank of America, Barclays Bank, Citibank, Coöperatieve Rabobank U.A., Morgan Stanley MUFG Loan Partners, The Bank of Nova Scotia, Société Générale, ING Bank, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, The Northern Trust Company, The Toronto-Dominion Bank, U.S. Bank, HSBC Bank, Banco Bilbao Vizcaya Argentaria, ICICI Bank, AgFirst Farm Credit Bank, GreenStone Farm Credit Services, and UniCredit Bank AG.