ICBC contributes to $3 billion syndicated revolving credit facility to Starbucks Corporation for general corporate and working capital purposes in 2021 (Linked to Record ID#105908)

Project narrative

On September 16, 2021, financial close was reached on a deal in which a syndicate of 15 banks — including Bank of China and ICBC — entered into a $3 billion USD syndicated loan agreement with Starbucks Corporation, a U.S.-based multinational coffeehouse chain headquartered in Seattle, Washington. The borrower may request an increase from the lenders in the aggregate commitments by an amount not exceeding $1 billion. The loan’s maturity is five years, with a maturity date of September 16, 2026, and the interest rate is LIBOR plus an applicable margin. The use of proceeds was to fund general corporate purposes. While Bank of China (Record ID#105908) and ICBC (Record ID#105909) contributed to his 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; Goldman Sachs Bank USA; MUFG Bank.; Morgan Stanley Bank, N.A.; HSBC Bank USA, National Association; Fifth Third Bank; Coöperatieve Rabobank U.A., New York Branch; Standard Chartered Bank; and Truist Bank. On April 17, 2023, the borrower and lenders entered into Amendment No.1 in which they replaced LIBOR with SOFR.