ICBC contributes to $1 billion 364-Day syndicated revolving credit to Eastman Kodak Company for acquisition of Creo Inc. in 2004 (Linked to Record ID#105914 and #105916)

Project narrative

On July 9, 2004, financial close was reached on a deal in which a syndicate of banks — including the London Branch of the Bank of China (BOC), the Shanghai Municipal Branch of the Industrial and Commercial Bank of China (ICBC), and the New York Branch of Bank of Communications — entered into a $1 billion USD syndicated loan agreement with Eastman Kodak Company, a U.S.-based technology company headquartered in Rochester, New York, specializing in imaging and photographic products. This 364-day credit agreement was a revolving loan facility, with an interest rate based on LIBOR plus an applicable margin based on the credit rating. The use of proceeds was originally for general corporate purposes but later was revealed to acquire Creo Inc., a Burnaby, British Columbia, Canada-based company, involved in imaging and software technology for computer to plate and digital printing. The acquisition for all of the outstanding common shares of Creo was signed on January 31, 2005. The acquisition was completed on October 15, 2005. In addition to BOC (Record ID#105914), ICBC (Record ID#105915), and Bank of Communications (Record ID#105916), the following lenders also participated: Citicorp USA, Inc. as the administrative agent, The Bank of Nova Scotia as the documentation agent, BNP Paribas as the syndication agent, HSBC Bank USA, Deutsche Bank AG New York, Mellon Bank, Key Bank National Association, Morgan Stanley, NG Capital LLC, ABN AMRO Bank N.V., Lloyds TSB Bank PLC, Export Development Canada, Barclays Bank PLC, Bank Hapoalim B.M., Lehman Commercial Paper, Inc., Mizuho Corporate Bank, Ltd., Nordea Bank Danmark, Sumitomo Mitsui Banking Corporation, UFJ Bank Limited, Banca Nazionale del Lavoro S.P.A., U.S. Bank, Banco Santander Central Hispano, PNC Bank, Wells Fargo Bank, The Bank of New York, The Northern Trust Company, and Bank of America, N.A.