Bank of China contributes to $3.75 billion loan to PepsiCo for general corporate and refinancing purposes in 2019 (Linked to Record ID#105933, #105935, #105934, #105936, #105937, #105939, #105940, and #105941)

Project narrative

On June 14, 2011, financial close was reached on a deal in which a syndicate of 20 banks — originally no Chinese banks — entered into a $2.875 billion USD syndicated loan agreement with PepsiCo, Inc. — an American multinational food, snack, and beverage corporation headquartered in Purchase, New York. This loan agreement, with a four-year term, supports PepsiCo's general corporate purposes, which include working capital, capital investments, acquisitions, and the repayment of outstanding commercial paper. The interest rate for the loan is based on the one-month term Eurodollar Rate (LIBOR) plus 1% origin. The proceeds were utilized by PepsiCo, Inc. to finance its ongoing corporate needs, including its capital expenditure program, investments in operational growth, and the refinancing of short-term liabilities. While no Chinese banks participated in this loan, the following lenders committed to the agreement: Citibank, N.A. ($325 million USD), JPMorgan Chase Bank, N.A. ($325 million USD), Bank of America, N.A. ($325 million USD), Morgan Stanley Bank, N.A. ($200 million USD), HSBC Bank USA, N.A. ($200 million USD), UBS Loan Finance LLC ($200 million USD), BNP Paribas ($200 million USD), The Royal Bank of Scotland plc ($200 million USD), Deutsche Bank AG New York Branch ($150 million USD), Banco Bilbao Vizcaya Argentaria, S.A. ($150 million USD), Goldman Sachs Bank USA ($150 million USD), Australia and New Zealand Banking Group Limited ($50 million USD), Mizuho Corporate Bank (USA) ($50 million USD), Toronto Dominion (New York) LLC ($50 million USD), The Bank of New York Mellon ($50 million USD), U.S. Bank, National Association ($50 million USD), PNC Bank National Association ($50 million USD), The Northern Trust Company ($50 million USD), Société Générale ($50 million USD), and Barclays Bank PLC ($50 million USD). On May 9, 2012, the borrower, the existing 20 banks and Bank of China signed an amendment in which they extended the maturity by one year — from June 14, 2015 to June 14, 2016. Bank of China’s contribution to this loan is captured in Record ID#105933. On June 10, 2013, the borrower and lenders entered into a new $2.875 billion five-year unsecured revolving credit agreement and terminated the previous agreement. No Chinese lender was involved. On June 9, 2014, the borrower and lenders entered into a new $3.715 billion five-year unsecured revolving credit agreement and terminated the previous agreement. No Chinese lender was involved. On June 8, 2015, the borrower and a syndicate of 22 banks — including Bank of China — entered into a new $3,722,500,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is June 8, 2020. The loan has an option of being extended for one year and has an option to increase its total commitment to $4.5 billion. The use of proceeds are for general corporate purposes. The loan bears interest based on the LIBOR rate plus an applicable margin. While Bank of China contributed to this loan (Record ID#105934), the following banks also contributed: Citibank, N.A.; JPMorgan Chase Bank, N.A.; Bank of America, N.A.; BNP Paribas; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; HSBC Bank USA, N.A.; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; UBS AG, Stamford Branch; Australia and New Zealand Banking Group Limited; Barclays Bank PLC; The Bank of New York Mellon; ING Bank N.V., Dublin Branch; PNC Bank, National Association; Royal Bank of Canada; Société Générale; The Northern Trust Company; Toronto-Dominion (New York) LLC; and U.S. Bank National Association. On June 6, 2016, the borrower and the same set of 22 banks — including Bank of China — entered into a new $3,722,500,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is June 6, 2021. Bank of China’s contribution is captured in Record ID#105935 On June 5, 2017, the borrower and the same set of 22 banks plus Morgan Stanley Senior Funding, Inc. — including Bank of China — entered into a new $3,722,500,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is June 5, 2022. Bank of China’s contribution is captured in Record ID#105936 On June 4, 2018, the borrower and a syndicate of 23 banks — including Bank of China — entered into a new $3,750,000,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is June 3, 2023. ank of China’s contribution is captured in Record ID#105937 On June 3, 2019, the borrower and a syndicate of 21 banks — including Bank of China — entered into a new $3,750,000,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is June 2, 2024. While Bank of China’s contributed to this loan (Record ID#105938), the following lenders also contributed: Citibank, N.A.; JPMorgan Chase Bank, N.A.; Bank of America, N.A.; BNP Paribas; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; HSBC Bank USA, N.A.; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; UBS AG, Stamford Branch; Australia and New Zealand Banking Group Limited; Bank of China, New York Branch; Barclays Bank PLC; ING Bank N.V., Dublin Branch; PNC Bank, National Association; Royal Bank of Canada; Société Générale; U.S. Bank National Association; Toronto-Dominion Bank, and The Northern Trust Company. On May 28, 2021, the borrower and the same set of 21 banks — including Bank of China — entered into a new $3,750,000,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is May 27, 2026. Bank of China’s contribution is captured in Record ID#105939 On May 27, 2022, the borrower and the same set of 20 banks except for UBS AG — including Bank of China — entered into a new $3,800,000,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is May 26, 2027. The loan has an option of being extended for one year and has an option to increase its total commitment to $4.5 billion. The loan has an interest of SOFR plus 0.10%. Bank of China contributed to the loan (Record ID#105940) On May 26, 2023, the borrower and the same set of 20 banks — including Bank of China — entered into a new $4,200,000,000 five-year unsecured revolving credit agreement and terminated the previous agreement. The maturity date is May 25, 2028. The loan has an option of being extended for one year and has an option to increase its total commitment to $4.95 billion. The loan has an interest of SOFR plus 0.10%. Bank of China contributed to the loan (Record ID#105941)