Bank of China participates in debt rescheduling — via one year maturity extension — of $1 billion USD syndicated revolving credit to Cabot Corporation for general corporate and refinancing purposes in 2016 (Linked to Record ID#106090, #106091, #106093 and #106094)

Project narrative

On October 3, 2014, financial close was reached on a $750 million USD revolving credit agreement in which Cabot Corporation, a Delaware-based global specialty chemicals and performance materials company, entered into an agreement with a syndicate of 11 lenders — including Bank of China (BOC). The interest rate for this revolving facility was LIBOR plus a 1% margin. The facility's proceeds were allocated for general corporate purposes and debt refinancing. 
While Bank of China contributed $60 million (Record ID#106090), other lenders in the syndicate included Citizens Bank, Bank of America, Mizuho Bank, Ltd., TD Bank, N.A., JPorgan Chase Bank, U.S. Bank, Goldman Sachs, Wells Fargo, and PNC Bank. On October 23, 2015, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China (BOC) — entered into a $1 billion USD syndicated loan agreement with Cabot Corporation, a Delaware-based global specialty chemicals and performance materials company. The loan's maturity is five years, with an interest rate determined as LIBOR plus an applicable margin. The loan features an extension option where the parties can extend the loan’s maturity up to two years. The proceeds were used by the borrower for general corporate and debt refinancing purposes. While Bank of China contributed $80 million USD to this loan (Record ID#106091), the following lenders also participated: JPMorgan Chase Bank ($140 million USD), Citibank ($140 million USD), Mizuho Bank ($120 million USD), TD Bank ($120 million USD), Bank of America ($120 million USD), Wells Fargo Bank ($100 million USD), U.S. Bank ($60 million USD), Citizens Bank ($60 million USD), Goldman Sachs Bank ($35 million USD), and PNC Bank ($25 million USD). On December 14, 2016, the borrower and lenders entered into an extension agreement in which they agreed to extend the loan’s maturity from October 23, 2020 to October 2021. Bank of China’s contribution is captured in Record ID#106092. On October 6, 2017, the borrower and lenders entered into an extension agreement in which they agreed to extend the loan’s maturity from October 23, 2021 to October 23, 2022. Bank of China’s contribution is captured in Record ID#106093. On June 8, 2020, the parties entered into an amendment in which they changed certain definitions of the loan agreement. On August 6, 2021, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China — entered into a $1,000,000,000 USD syndicated loan agreement with Cabot Corporation, a U.S.-based company specializing in chemicals and performance materials. The loan's maturity is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by Cabot Corporation for general corporate purposes, as indicated in the credit agreement. While Bank of China contributed to this loan (Record ID#106094), while the following lenders also participated: JPMorgan Chase Bank, N.A., Citibank, N.A., Mizuho Bank, Ltd., Toronto Dominion Bank, Bank of America, N.A., U.S. Bank, National Association, Wells Fargo Bank, N.A., PNC Bank, National Association, and HSBC Bank USA, N.A. On April 21, 2023, the parties entered into Amendment No. 1 in which they replaced LIBOR with term SOFR plus 0.1% adjustment rate for the interest.