Bank of China participates in rescheduling of 364-Day $1 billion USD revolving credit facility to Starbucks — via one year maturity extension — for general corporate purposes in 2019 (Linked to Record ID#105903 and #105904)

Project narrative

On October 25, 2017, financial close was reached on a deal in which a syndicate of banks—including Bank of China—entered into a $1 billion USD syndicated revolving credit facility agreement with Starbucks Corporation, a Washington-based global coffeehouse chain and coffee company. The loan has a maturity of 364 days, with an interest rate based on the LIBOR rate, plus an applicable margin of 0.585%. The proceeds were used by Starbucks Corporation to enhance working capital and finance ongoing corporate operations. While Bank of China contributed to the loan (Record ID#105903), the following lenders also participated: Bank of America, N.A., Wells Fargo Bank, N.A.; Citibank, N.A.; U.S. Bank National Association; JPMorgan Chase Bank, N.A.; The Bank of Nova Scotia; Goldman Sachs Bank USA; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Morgan Stanley Bank, N.A.; HSBC Bank USA, National Association; Fifth Third Bank; Coöperatieve Rabobank U.A., New York Branch; and SunTrust Bank. On October 24, 2018, financial close was reached on a deal in which a syndicate of 14 banks—including Bank of China—entered into a $1 billion USD syndicated revolving credit facility agreement with Starbucks Corporation. The loan has a maturity of 364 days, with an interest rate based on the LIBOR rate, plus an applicable margin of 0.92%. The proceeds were used by Starbucks Corporation to support general corporate purposes, including enhancing working capital and ongoing operational financing needs. While Bank of China (Record ID#105904) contributed to the loan, the following lenders also participated: Bank of America, N.A., Wells Fargo Bank, N.A.; Citibank, N.A.; U.S. Bank National Association; JPMorgan Chase Bank, N.A.; The Bank of Nova Scotia; MUFG Bank, Ltd.; Morgan Stanley Bank, N.A., Goldman Sachs Bank USA, HSBC Bank USA, National Association; Fifth Third Bank; Coöperatieve Rabobank U.A., New York Branch; SunTrust Bank. On October 23, 2019, the company extended the $1 billion USD 364-Day credit agreement for an additional year. All material terms and conditions of the agreement were unchanged. Bank of China’s participation in the rescheduling was captured in Record ID#105905. On May 27, 2020, the company entered into First Amendment to the credit agreement in which they altered certain covenants and definitions of the cotnract. On September 23, 2020, the company entered into Second Amendment to the creidt agreement in which they altered the interest rates and changed lenders. Bank of China’s contribution was terminated and replaced by other banks.