Bank of China contributes to a $1.1 billion multi-currency upsized syndicated revolving credit facility to Autoliv (Linked to Record ID#105971 and #105973)

Project narrative

On April 16, 2011, a syndicate of 14 lenders — including Bank of China (UK) Limited (BOC UK) — entered into a $1.1 billion USD multi-currency revolving credit facility (RCF) to Autoliv Inc. — a Delaware-incorporated, Sweden-headquartered automotive safety systems supplier and manufacturer — and Autoliv ASP, Inc. — Indiana-incorporated wholly-owned subsidiary of Autoliv — and Autoliv AB — Sweden-incorporated wholly-owned subsidiary of Autoliv — for growth and corporate purposes. The facility replaced (refinanced) an outstanding loan of the same size which was originally issued in 2005 and scheduled to expire in 2012. The RCF carried a maturity of five years and two one year extension options. The RCF is guaranteed by Autoliv, Inc., Autoliv AB, and Autoliv ASP, Inc. Record ID#105971 captures BOC UK's contribution to the 2011 RCF. In addition to BOC's $40 million USD contribution, the following 13 lenders contributed the following roles and amounts: Mizuho Bank (active bookrunner, coordinator, and mandated lead arranger committed $100 million USD), Nordea Bank (active bookrunner, coordinator, and mandated lead arranger committed $100 million USD), Skandinaviska Enskilda Banken (SEB) (active bookrunner, coordinator, and mandated lead arranger committed $100 million USD), Bank of Tokyo-Mitsubishi UFJ (bookrunning mandated lead arranger committed $100 million USD), ING Bank (bookrunning mandated lead arranger), Société Générale (SocGen) (bookrunning mandated lead arranger committed $100 million USD), DNB Bank (lead arranger committed $79 million USD), HSBC Bank (lead arranger committed $79 million USD), JP Morgan (lead arranger committed $79 million USD), Morgan Stanley Bank ($79 million USD), Danske Bank ($48 million USD), Deutsche Bank ($48 million USD), and Northern Trust ($48 million USD). On July 14, 2016, a syndicate of 14 lenders — including BOC UK — entered into a $1.1 billion USD syndicated RCF with Autoliv Inc., Autoliv ASP, Inc., and Autoliv AB for refinancing and corporate growth purposes. The refinanced RCF carries a maturity period of five years and extension options for up to two years. The proceeds of the facility were used to refinance the $1.1 billion RCF committed in 2011 (captured by Record ID#105971) and for general corporate purposes. Record ID#105972 captures BOC UK's contribution to the 2016 RCF. In addition to BOC UK's $72 million USD contribution, the following 13 lenders contributed the following roles and amounts: HSBC Bank (active bookrunner, coordinator, and mandated lead arranger contributed $95 million USD), Mizuho Bank (active bookrunner, coordinator, and mandated lead arranger contributed $95 million USD), Skandinaviska Enskilda Banken (SEB) (active bookrunner, coordinator, and mandated lead arranger contributed $95 million USD), MUFG (bookrunning mandated lead arranger contributed $95 million USD), ING Bank (bookrunning mandated lead arranger contributed $95 million USD), JP Morgan Securities (bookrunning mandated lead arranger contributed $95 million USD), Bank of China (lead arranger committed $72 million), Citi (lead arranger committed $72 million), DnB (lead arranger committed $72 million), Nordea (lead arranger committed $72 million), Morgan Stanley (lead arranger committed $72 million), SocGen (lead arranger committed $72 million), Wells Fargo Bank NA (lead arranger committed $72 million), and Northern Trust (arranger contributed $26 million USD). On May 23, 2022, a syndicate of 11 lenders — including Bank of China (Europe) S.A. (BOC) — entered into a $1.1 billion USD syndicated multi-currency RCF to Autoliv, Inc. for refinancing and corporate purposes. The new RCF carries a maturity period of five years, a maturity date of May 23, 2027, and an extension option of two years. This loan carried an interest rate based on a floating rate plus a margin dependent on Autoliv's credit rating (at signing the margin was 0.425%). This loan also carried a commitment fee on unused borrowings equal to 35% of the margin (at signing the commitment fee was 0.14875%). The proceeds of the facility were used to refinance the $1.1 billion RCF committed in 2016 (captured by Record ID#105972) and for general corporate purposes. The RCF is guaranteed by Autoliv ASP, Inc.. The facility had not been drawn as of May 23, 2022. Record ID#105973 captures BOC Europe's $125 million USD contribution the 2022 $1.1 billion RCF refinancing. The facility was divided among 11 lenders, including the following roles and commitment amounts: BOC Europe (bookrunner and mandated lead arranger contributed $125 million USD), Citibank Europe Plc (coordinator, bookrunner, and mandated lead arranger contributed $125 million USD), Mizuho Bank (coordinator, bookrunner, and mandated lead arranger contributed $125 million USD), Skandinaviska Enskilda Banken (SEB) (coordinator, bookrunner, and mandated lead arranger contributed $125 million USD), JPMorgan Chase Bank (bookrunner and mandated lead arranger contributed $125 million USD), MUFG Bank (bookrunner and mandated lead arranger contributed $125 million USD), ING Bank (mandated lead arranger committed $75 million USD), BNP Paribas (mandated lead arranger committed $75 million USD), Morgan Stanley Bank (mandated lead arranger committed $75 million USD), Wells Fargo Bank International UC (mandated lead arranger committed $75 million USD), and The Northern Trust Company (lead arranger contributed $50 million USD).