Bank of China contributes $30 million USD to $1 billion syndicated revolving credit loan to Global Hyatt for debt refinance, general corporate and working capital purposes in 2005

Project narrative

On June 29, 2005, financial close was reached on a deal in which a syndicate of multiple banks—including the Bank of China, Los Angeles and New York Branches—entered into a syndicated loan agreement with Global Hyatt Corporation, a Delaware-based hospitality company operating globally under the Hyatt brand. The loan maturity is on June 29, 2010, and features an interest rate structured around the LIBOR benchmark, with an additional applicable margin. The loan features an option to increase the total commitment amount by $500 million USD. The loan was guaranteed by Hyatt’s subsidiaries: BAY II Investor, Inc. (Nevada), Fan Pier Land Company (Delaware), HT-Chesapeake Communities, Inc. (Delaware), HT-Homestead, Inc. (Delaware), HT-Long Beach, Inc. (Delaware), Hyatt Hotels Corporation of Maryland (Maryland), Hyatt Vacation Ownership, Inc. (Delaware), SDI, Inc. (Nevada), Atrium Hotel, L.L.C. (Delaware), BRE/Amerisuites Properties, L.L.C. (Delaware), BRE/Amerisuites TXNC Properties, L.P., Gainey Drive Associates, Greenwich Hotel Limited Partnership, Grand Hyatt SF General Partnership, HT-Avendra, L.L.C., Hyatt Corporation, Hyatt Equities, L.L.C., SDI Securities 11, LLC, Select Hotels Group, L.L.C., Stanhope, L.L.C., U.S. Franchise Systems, Inc., and Grand Toronto Venture, L.P. The proceeds of this loan were used to refinance the Existing Facility in 2001 and certain other Indebtedness of the Borrower and to pay certain fees and expenses related thereto and (b) to provide for the working capital and general corporate requirements of the Borrower and its Subsidiaries, including, without limitation, commercial paper back-up, the financing of investments and acquisitions not prohibited hereunder and the payment of fees and expenses incurred in connection with the transactions contemplated hereby. While the Bank of China’s Los Angeles branch contributed $18,750,000 USD and the New York branch $11,250,000 USD, other lenders also participated in this financing: Wachovia Bank, National Association, The Royal Bank of Scotland plc, JPMorgan Chase Bank, N.A., Bank of America, N.A., Deutsche Bank AG New York Branch, BNP Paribas, SunTrust Bank, HSBC Bank USA, Calyon New York Branch, U.S. Bank National Association, LaSalle Bank, Comerica Bank, the Bank of Nova Scotia, Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation, Fifth Third Bank, the Bank of New York, the Northern Trust Company, PNC Bank, N.A., Wells Fargo Bank, N.A., the Norinchunkin Bank, NY Branch and Banca di Roma.