ICBC contributes $135 million USD to $3.75 billion USD syndicated revolving credit facility to 3M Company for general corporate purposes in 2016 (Linked to Record ID#105669, #105670, #105668, #105672, #105673, #105674, #105675, #105676, and #105678)

Project narrative

On August 5, 2014, financial close was reached on a deal in which a syndicate of 22 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC), the New York Branch of Bank of China (BOC), and the New York Branch of China Merchants Bank — entered into a $2.25 billion USD syndicated loan agreement with 3M Company, a Delaware-based multinational corporation engaged in the industrial, healthcare, and consumer goods sectors. The loan's maturity was five years, set for August 2019, with an interest rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, excluding specific applications such as mergers, acquisitions, and bankruptcy-related expenses as per the agreement’s terms. ICBC contributed $75 million USD to this loan (Record ID#105668), Bank of China contributed $35 million USD (Record ID#105669), and China Merchants Bank contributed $35 million USD (Record ID#105670) Additionally, the following lenders participated in the syndicate: JPMorgan Chase Bank, N.A. ($250 million USD), Citibank, N.A. ($250 million USD), Deutsche Bank AG, New York Branch ($195 million USD), Morgan Stanley Bank, N.A. ($150 million USD), HSBC Bank USA, N.A. ($75 million USD), Santander Bank, N.A. ($75 million USD), Sumitomo Mitsui Banking Corporation ($75 million USD), The Bank of New York Mellon ($75 million USD), The Northern Trust Company ($75 million USD), Bank of America, N.A. ($150 million USD), Barclays Bank PLC ($150 million USD), Credit Suisse AG, Cayman Islands Branch ($150 million USD), Goldman Sachs Bank USA ($150 million USD), State Street Bank and Trust Company ($35 million USD), Svenska Handelsbanken AB (Publ) ($35 million USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($35 million USD), Banco Bradesco S.A. ($35 million), BNP Paribas ($150 million USD), and Canadian Imperial Bank of Commerce ($35 million). On March 9, 2016, the lender and a syndicate of 22 banks entered into a $3.75 billion USD agreement. The loan's maturity was five years with an interest rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin. This credit agreement included a provision under which 3M may request an increase of up to $1.25 billion USD (at lenders’ discretion), bringing the total facility up to $5.0 billion USD. While the New York Branch of ICBC contributed $135 million USD (Record ID#105671), the New York Branch of the Bank of China contributed $66 million USD (Record ID#105672). Other banks that contributed include JP Morgan Chase, Deutsche Bank AG, Bank of America, Barclays Bank, Credit Suisse AG, Goldman Sachs Bank, Morgan Stanley Bank, Wells Fargo Bank, The Bank of New York Mellon, BNP Paribas, HSBC Bank USA, The Northern Trust Company, Sumitomo Mitsui Banking Corporation, Banco Bradesco S.A., The Bank of Tokyo-Mitsubishi UFJ, Santander Bank, Svenska Handelsbanken AB (publ), Canadian Imperial Bank of Commerce and State Street Bank and Trust Company. On November 15, 2019, the lender and a syndicate of 22 banks entered into a $3 million USD agreement. The loan's maturity is five years with an interest rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin. The revolving credit agreement includes a provision under which 3M may request an increase of up to $1.0 billion USD (at lender’s discretion), bringing the total facility up to $4.0 billion USD. While the New York Branch of ICBC contributed $135 million USD (Record ID#105673), the New York Branch of the Bank of China contributed $60 million USD (Record ID#105674). All banks in the previous syndicate participated except for The Bank of Tokyo-Mitsubishi UFJ. On November 10, 2022, the lenders and 3M Company entered into an amendment in which they replaced LIBOR with SOFR with an applicable margin plus 0.1% adjustment spread. On May 11, 2023, the lender and a syndicate of 19 banks entered into a $4.25 billion USD agreement. The loan's maturity was five years with an interest rate based on SOFR plus an applicable margin and 0.1% spread. The revolving credit agreement includes a provision under which 3M may request an increase of up to $1.0 billion USD (at lender’s discretion), bringing the total facility up to $5.25 billion USD. The New York Branch of ICBC contributed $148.5 million USD to this loan (Record ID#105675), the New York Branch of the Bank of China also contributed $148.5 million USD (Record ID#105676), and the New York Branch of Agricultural Bank of China contributed $68 million USD (Record ID#105677). Additional lenders and their respective contributions include JPMorgan Chase Bank, N.A. ($398 million USD), Citibank, N.A. ($398 million USD), Deutsche Bank AG, New York Branch ($398 million USD), Bank of America, N.A. ($398 million USD), Barclays Bank PLC ($299 million USD), BNP Paribas ($299 million USD), Goldman Sachs Bank USA ($299 million USD), Morgan Stanley Bank, N.A. ($299 million USD), Wells Fargo Bank, National Association ($299 million USD), Banco Santander, S.A., New York Branch ($148.5 million USD), HSBC Bank USA, N.A. ($148.5 million USD), The Bank of New York Mellon ($148.5 million USD), U.S. Bank National Association ($148.5 million USD), Royal Bank of Canada ($68 million USD), Svenska Handelsbanken AB, New York Branch ($68 million USD), and The Northern Trust Company ($68 million USD). On July 7, 2023, the lenders and borrower entered into an agreement to change certain definitions.