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Overview

Agricultural Bank of China contributes $60 million USD to $5 billion USD syndicated term loan to Amgen for the acquisition of Onyx Pharmaceuticals in 2013

Commitments (Constant USD, 2023)$62,038,277
Commitment Year•2013Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•HealthFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 20, 2013
End (actual)
Oct 1, 2013
Last repayment (originally scheduled)
Sep 19, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Bank of New York Mellon Corporation (BNY Mellon)
  • Bank of the West
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Credit Suisse AG
  • DBS Bank Ltd.
  • Deutsche Bank AG
  • DNB Capital LLC
  • First Hawaiian Bank. Inc.
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Mizuho Bank, Ltd.
  • Morgan Stanley Bank, N.A.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Canada (RBC)
  • State Street Bank and Trust Company (State Street Global Services)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • TD Bank, N.A.
  • The Northern Trust Company
  • U.S. Bank National Association
  • Wells Fargo Bank N.A.

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Royal Bank of Scotland (RBS)

Receiving agencies

Private Sector

  • Amgen Inc.

Loan description

Agricultural Bank of China contributes to $5 billion USD syndicated term loan to Amgen for the acquisition of Onyx Pharmaceuticals in 2013

Interest rate (t₀)•1.7484%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On September 20, 2013, financial close was reached on a deal in which a syndicate of 28 banks — including Agricultural Bank of China — entered into a $5 billion USD syndicated loan agreement with Amgen Inc., a biotechnology company headquartered in Thousand Oaks, California, for the acquisition of Onyx Pharmaceuticals, Inc. This loan has a maturity of five years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by Amgen Inc. to finance the acquisition of Onyx Pharmaceuticals and to cover associated fees and expenses related to the transaction. The acquisition was completed on October 1, 2013. While Agricultural Bank of China contributed $60 million to this loan, the following lenders also participated: Bank of America, N.A. ($340 million USD), Barclays Bank PLC ($315 million USD), JPMorgan Chase Bank, N.A. ($315 million USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($365 million USD), Mizuho Bank, Ltd. ($365 million USD), Citibank, N.A. ($315 million USD), HSBC Bank USA, National Association ($315 million USD), Royal Bank of Canada ($315 million USD), Sumitomo Mitsui Banking Corporation ($315 million USD), Goldman Sachs Bank USA ($290 million USD), Morgan Stanley Bank, N.A. ($290 million USD), BNP Paribas ($80 million USD), Bank of the West ($50 million USD), First Hawaiian Bank ($25 million USD), The Royal Bank of Scotland plc ($155 million USD), Credit Suisse AG, Cayman Islands Branch ($155 million USD), TD Bank, N.A. ($155 million USD), DNB Capital LLC ($155 million USD), Deutsche Bank AG New York Branch ($155 million USD), Wells Fargo Bank, National Association ($92.5 million USD), Intesa Sanpaolo S.p.A. ($92.5 million USD), The Northern Trust Company ($75 million USD), U.S. Bank National Association ($60 million USD), DBS Bank Ltd. ($60 million USD), Bayerische Landesbank ($50 million USD), Bank of New York Mellon ($50 million USD), and State Street Bank and Trust Company ($25 million USD). The borrower paid back the loan in full by September 2016.

Staff comments

1. Amgen Inc. is a multinational biotechnology company based in Thousand Oaks, California, focused on discovering, developing, and delivering innovative human therapeutics. Founded in 1980, Amgen is a leader in the biotechnology industry, especially known for its focus on therapeutic products for serious illnesses. 2. AidData estimates the interest rate for this 2013 agreement by adding the 6-month average LIBOR rate in September 2013 (0.203%) and an applicable margin according to the credit agreement (1.375%) equal to 1.578%.