Bank of China contributes to $3.75 billion syndicated 364-Day loan to PepsiCo for general corporate purposes in 2021 (Linked to Record ID#105947, #105949 and #105950)

Project narrative

On June 1, 2020, financial close was reached on a deal in which a syndicate of 21 banks — originally no Chinese banks — entered into a $3.75 billion USD 364-Day syndicated loan agreement with PepsiCo, Inc. — an American multinational food, snack, and beverage corporation headquartered in Purchase, New York. 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. This loan replaced the 2019 agreement, which has no Chinese bank involvement. While Bank of China participated in this loan (Record ID#105947), 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 $3,750,000,000 364-day syndicated revolving credit agreement and terminated the previous agreement. Bank of China’s contribution is captured in Record ID#105948 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 $3,800,000,000 364-Day revolving credit agreement and terminated the previous agreement. 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% plus the applicable margin of 1%. Bank of China contributed to the loan (Record ID#105949) On May 26, 2023, the borrower and the same set of 20 banks — including Bank of China — entered into a new $4,200,000,000 364-day Revolving credit agreement and terminated the previous agreement. 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% plus the applicable margin of 1%. Bank of China contributed to the loan (Record ID#105950)