Bank of China contributes $40 million USD to $1.5 billion 364-Day loan to Stanley Black & Decker for general corporate purposes in 2023 (Linked to Record ID#105771, #105772 and #105770)

Project narrative

On September 11, 2019, financial close was reached on a $1 billion USD syndicated loan agreement among Stanley Black & Decker, Inc., a Connecticut-based multinational corporation specializing in industrial tools, security products, and hardware, and a syndicate of banks — including Bank of China. The loan, structured as a 364-day credit facility, was arranged with an interest rate based on LIBOR plus an applicable margin based on the debt ratings of the company. The maturity period was set for one year, terminating on September 9, 2020. The proceeds of this loan were designated for general corporate purposes, supporting Stanley Black & Decker’s operational and strategic initiatives within its sector. While Bank of China contributed $25 million USD to this loan (Record ID#105770), additional contributions were made by other lenders: Citibank, N.A. ($81.67 million USD), Bank of America, N.A. ($81.67 million USD), JPMorgan Chase Bank, N.A. ($81.67 million USD), Wells Fargo Bank, National Association ($81.67 million USD), Barclays Bank PLC ($60 million USD), Credit Suisse AG ($60 million USD), Deutsche Bank AG ($60 million USD), Goldman Sachs Bank USA ($60 million USD), Morgan Stanley Bank, N.A. ($36 million USD), MUFG Bank, Ltd. ($24 million USD), Royal Bank of Canada ($60 million USD), BNP Paribas ($37.67 million USD), HSBC Bank USA ($37.67 million USD), Skandinaviska Enskilda Banken AB ($37.67 million USD), The Bank of New York Mellon ($37.67 million USD), U.S. Bank National Association ($37.67 million USD), Commerzbank AG ($25 million USD), ING Bank N.V. ($25 million USD), SunTrust Bank ($25 million USD), and The Bank of Nova Scotia ($25 million USD). On September 9, 2020, the company and a group of banks renewed the 364-Day Credit agreement, and no Chinese banks were involved. On September 8, 2021, the company and a group of banks — including Bank of China — entered into a new 364-Day credit agreement of $1 billion USD. The interest rate is based on LIBOR plus an applicable margin. While Bank of China contributed $22.857,142.86 USD to the loan (Record ID#105771), the following lenders participated: Citibank, N.A. ($81.4 million USD), Bank of America, N.A. ($81.4 million USD), JPMorgan Chase Bank, N.A. ($81.4 million USD), Wells Fargo Bank ($81.4 million USD), Barclays Bank PLC ($57.1 million USD), Credit Suisse AG ($57.1 million USD), Deutsche Bank AG ($57.1 million USD), Goldman Sachs Bank USA ($57.1 million USD), Morgan Stanley Bank, N.A. ($34.2 million USD), MUFG Bank, Ltd. ($22.8 million USD), Royal Bank of Canada ($57.1 million USD), BNP Paribas ($34.2 million USD), HSBC Bank USA, National Association ($34.2 million USD), Skandinaviska Enskilda Banken AB ($34.2 million USD), The Bank of New York Mellon ($34.2 million USD), U.S. Bank National Association ($34.2 million USD), ING Bank N.V. ($22.8 million USD), Standard Chartered Bank ($22.8 million USD), The Bank of Nova Scotia ($22.8 million USD), The Huntington National Bank ($22.8 million USD), The Toronto-Dominion Bank ($22.8 million USD), and Truist Bank ($22.8 million USD). On September 7, 2022, the company and a group of banks — including Bank of China — entered into a new 364-Day credit agreement of $1.5 billion USD. The interest rate is based on SOFR plus an applicable margin. Bank of China contributed $35 million USD to this loan (Record ID#105772). Additionally, a consortium of lenders provided the following commitments: Citibank, N.A. ($123.75 million USD), Bank of America, N.A. ($123.75 million USD), JPMorgan Chase Bank, N.A. ($123.75 million USD), Wells Fargo Bank, National Association ($123.75 million USD), Barclays Bank PLC ($85 million USD), Credit Suisse AG, New York Branch ($85 million USD), Deutsche Bank AG New York Branch ($85 million USD), Goldman Sachs Bank USA ($85 million USD), Morgan Stanley Bank, N.A. ($51 million USD), MUFG Bank, Ltd. ($34 million USD), Royal Bank of Canada ($85 million USD), BNP Paribas ($50 million USD), HSBC Bank USA, National Association ($50 million USD), Skandinaviska Enskilda Banken AB (publ) ($50 million USD), The Bank of New York Mellon ($50 million USD), U.S. Bank National Association ($50 million USD), ING Bank N.V., Dublin Branch ($35 million USD), Standard Chartered Bank ($35 million USD), The Bank of Nova Scotia ($35 million USD), The Huntington National Bank ($35 million USD), The Toronto-Dominion Bank, New York Branch ($35 million USD), and Truist Bank ($35 million USD). On February 23, 2023, the lenders and the company entered into an amendment in which they changed certain definitions. On September 6, 2023, the company and a group of banks — including Bank of China — entered into a new 364-Day credit agreement of $1.5 billion USD. The loan carried a maturity period of one year and is subject to an interest rate based on SOFR plus an applicable margin. Bank of China committed $40 million to this facility (Record ID#105773), while the following banks also participated: Citibank, N.A. ($146.25 million); Bank of America, N.A. ($146.25 million); JPMorgan Chase Bank, N.A. ($146.25 million); Wells Fargo Bank, National Association ($146.25 million); Barclays Bank PLC ($95 million); Deutsche Bank AG New York Branch ($95 million); Goldman Sachs Bank USA ($95 million); Morgan Stanley Bank, N.A. ($57 million); MUFG Bank, Ltd. ($38 million); Royal Bank of Canada ($95 million); BNP Paribas ($60 million); HSBC Bank USA, National Association ($60 million); ING Bank N.V., Dublin Branch ($60 million); Truist Bank ($60 million); Standard Chartered Bank ($40 million); The Bank of New York Mellon ($40 million); The Bank of Nova Scotia ($40 million); and The Toronto-Dominion Bank, New York Branch ($40 million).