Bank of China contributes $75 million USD to $3.5 billion USD syndicated loan to Emerson Electric for general corporate purposes in 2014 (Linked to Record ID#105982, #105984, #105985 and #105986)

Project narrative

On April 30, 2014, financial close was reached on a deal in which a syndicate of 22 banks — including Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) — entered into a $3.5 billion USD syndicated loan agreement with Emerson Electric Co., a diversified global manufacturing company headquartered in St. Louis, Missouri. The loan, structured with a 5-year maturity ending in April 2019, carries an interest rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin. The proceeds were used by Emerson Electric Co. for general corporate purposes, including support for operational cash flow, growth, and restructuring initiatives. While ICBC contributed $75 million USD to this loan (Record ID#105982) and BOC contributed $75 million USD (Record ID#105983) , the following lenders also participated: J.P. Morgan Chase Bank, N.A. ($350 million USD), Citibank, N.A. ($350 million USD), Barclays Bank PLC ($250 million USD), BNP Paribas ($250 million USD), Deutsche Bank AG New York Branch ($250 million USD), HSBC Bank USA, N.A. ($250 million USD), Royal Bank of Canada ($175 million USD), Bank of America, N.A. ($175 million USD), Wells Fargo Bank, N.A. ($175 million USD), Standard Chartered Bank ($150 million USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($150 million USD), Sumitomo Mitsui Banking Corporation ($150 million USD), U.S. Bank National Association ($150 million USD), Australia and New Zealand Banking Group Limited ($100 million USD), DBS Bank Ltd., Los Angeles Agency ($100 million USD), The Northern Trust Company ($75 million USD), Nordea Bank Finland Plc ($75 million USD), Skandinaviska Enskilda Branken AB (publ) ($75 million USD), Goldman Sachs Bank USA ($75 million USD), and The Bank of New York Mellon ($25 million USD). On May 23, 2018, the borrower and a syndicate of 20 banks — including Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) — entered into a $3.5 billion USD syndicated loan agreement. The credit facility, structured with a 5-year maturity, features an interest rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin. The proceeds were designated for general corporate purposes, allowing Emerson Electric Co. to support operational cash flow and fuel growth in its core sectors of industrial automation and climate technologies. While Industrial and Commercial Bank of China (ICBC) contributed $75 million USD (Record ID#105984) and Bank of China (BOC) (Record ID#105985) also contributed $100 million USD, the following lenders also participated: JPMorgan Chase Bank, N.A. ($350 million USD), Citibank, N.A. ($350 million USD), Bank of America, N.A. ($250 million USD), Barclays Bank PLC ($250 million USD), BNP Paribas ($250 million USD), Deutsche Bank AG New York Branch ($250 million USD), HSBC Bank USA, National Association ($250 million USD), Wells Fargo Bank, N.A. ($250 million USD), Royal Bank of Canada ($150 million USD), Standard Chartered Bank ($150 million USD), U.S. Bank National Association ($150 million USD), DBS Bank Ltd. ($125 million USD), Australia and New Zealand Banking Group Limited ($100 million USD), Goldman Sachs Bank USA ($100 million USD), Nordea Bank AB (publ), New York Branch ($100 million USD), The Northern Trust Company ($100 million USD), and UBS AG, Stamford Branch ($100 million USD). ICICI Bank Limited, New York Branch, also contributed $50 million USD. On February 17, 2023, the borrower and a syndicate of 20 banks — including Bank of China (BOC) — entered into a $3.5 billion USD syndicated loan agreement. The loan, structured with a 5-year maturity, carries an interest rate based on the Secured Overnight Financing Rate (SOFR) plus an applicable margin. While Bank of China (BOC) contributed $100 million USD to this loan (Record ID#105986), the following lenders also participated: JPMorgan Chase Bank, N.A. ($325 million USD), Citibank, N.A. ($325 million USD), Bank of America, N.A. ($250 million USD), Barclays Bank PLC ($250 million USD), BNP Paribas ($250 million USD), Deutsche Bank AG New York Branch ($250 million USD), Goldman Sachs Bank USA ($250 million USD), HSBC Bank USA, N.A. ($250 million USD), Wells Fargo Bank, N.A. ($250 million USD), Royal Bank of Canada ($150 million USD), Standard Chartered Bank ($150 million USD), U.S. Bank National Association ($150 million USD), DBS Bank Ltd. ($125 million USD), Nordea Bank Abp, New York Branch ($100 million USD), The Northern Trust Company ($100 million USD), UBS AG, Stamford Branch ($100 million USD), Australia and New Zealand Banking Group Limited ($75 million USD), and ICICI Bank Limited, New York Branch ($50 million USD).