Bank of China participates in debt rescheduling — via decreasing interest rate margins — of $4.5 billion USD syndicated revolving facility to Marriott International in 2021 (Linked to Record ID#106175, #106177, #106178, #106176, #106180, #106179, #106181, #106182, #106184, #106185 and #106186)

Project narrative

On May 14, 2007, financial close was reached on a deal in which a syndicate of 30 banks — including Bank of China — entered into a $2,500,000,000 USD syndicated loan agreement with Marriott International, Inc., a Delaware-based multinational hospitality company headquartered in Bethesda, Maryland. This loan was arranged to replace and expand an existing credit facility, increasing the borrowing limit and extending the expiration date. The loan’s maturity is five years, and the interest rate is based on LIBOR plus an applicable margin. The proceeds of this loan were utilized to support Marriott International's general corporate purposes, including the funding of its global hospitality operations and potential strategic acquisitions. While Bank of China contributed $25,000,000 USD to this loan (Record ID#106175), the following lenders also participated: Citibank, Barclays Bank PLC, Bank of America, The Bank of Nova Scotia, The Royal Bank of Scotland PLC, BNP Paribas, First Hawaiian Bank, HSBC Bank USA, Morgan Stanley Bank, Credit Suisse Cayman Islands Branch, Deutsche Bank AG New York Branch, JPMorgan Chase Bank, N.A., Lehman Commercial Paper Inc., Merrill Lynch Bank USA, Mizuho Corporate Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., Wachovia Bank, N.A., Wells Fargo Bank, N.A., Calyon New York Branch, Comerica Bank, Mellon Bank, N.A., Banco Bilbao Vizcaya Argentaria S.A., PNC Bank, U.S. Bank, National Association, Fifth Third Bank, M&T Bank, The Bank of New York, and Bank of Hawaii. On June 23, 2011, financial close was reached on a deal in which a syndicate of 30 banks — including Bank of China —entered into a $1,750,000,000 USD syndicated loan agreement with Marriott International, Inc., a multinational hospitality company headquartered in Bethesda, Maryland. The loan’s maturity was extended to June 23, 2016, with an interest rate based on LIBOR plus an applicable margin. The amended and restated credit agreement replaced a prior credit facility and supported Marriott International's business operations and corporate financial structure. The proceeds of this loan were intended for general corporate purposes, including working capital needs, and to provide financial flexibility for Marriott's global operations. While Bank of China contributed $25,000,000 USD to this loan (Record ID#106176), the following lenders also participated: Bank of America, JPMorgan Chase Bank, Citibank, The Bank of Nova Scotia, Wells Fargo Bank, The Royal Bank of Scotland, Barclays Bank PLC, BNP Paribas, First Hawaiian Bank, Credit Suisse, Deutsche Bank, Goldman Sachs Bank USA, HSBC Bank USA, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank National Association, Compass Bank, Mizuho Corporate Bank, The Bank of New York Mellon, PNC Bank, The Northern Trust Company, Bank of Hawaii, Capital One, Comerica Bank, Fifth Third Bank, Bank of Taiwan, First Commercial Bank. On July 18, 2013, financial close was reached on a deal in which a syndicate of 27 banks — including Bank of China —entered into a $2,000,000,000 USD syndicated loan agreement with Marriott International, Inc., a Delaware-based multinational hospitality company headquartered in Bethesda, Maryland. This loan extended the maturity of Marriott's existing credit facility to July 18, 2018, and increased the facility size from $1.75 billion to $2 billion. The loan bears an interest rate based on LIBOR plus a spread determined by Marriott's public debt rating. The proceeds of this facility were allocated for general corporate purposes, providing Marriott with additional liquidity to support its global hospitality operations and strategic initiatives. While Bank of China contributed $25,000,000 USD to this loan (Record ID#106177), the following lenders also participated: Bank of America, JPMorgan Chase Bank, Wells Fargo Bank, The Bank of Nova Scotia, The Royal Bank of Scotland PLC, Citibank, The Bank of New York Mellon, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, BNP Paribas, First Hawaiian Bank, Credit Suisse, Deutsche Bank, Goldman Sachs Bank USA, HSBC Bank USA, Mizuho Bank, PNC Bank, SunTrust Bank, U.S. Bank National Association, Compass Bank, The Northern Trust Company, Capital One, Bank of Hawaii, Comerica Bank, Fifth Third Bank, and First Commercial Bank. On June 10, 2016, financial close was reached on a deal in which a syndicate of 26 banks — including Bank of China — entered into a $4,000,000,000 USD syndicated loan agreement with Marriott International, Inc., a multinational hospitality company headquartered in Bethesda, Maryland. The loan’s maturity is five years, and the interest rate is based on LIBOR plus an applicable margin. The proceeds of this loan were utilized by Marriott International to finance its acquisition of Starwood Hotels & Resorts Worldwide, Inc., enabling the company to expand its portfolio and establish a leading position in the global hospitality market. While Bank of China contributed $75,000,000 USD to this loan (Record ID#106178), the following lenders also participated: Bank of America, JPMorgan Chase Bank, N.A., Deutsche Bank AG New York Branch, Wells Fargo Bank, National Association, The Bank of Nova Scotia, Citibank, N.A., U.S. Bank National Association, Fifth Third Bank, Goldman Sachs Bank USA, HSBC Bank USA, National Association, SunTrust Bank, The Bank of New York Mellon, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, BNP Paribas, First Hawaiian Bank, Capital One, National Association, PNC Bank, National Association, Commerzbank AG, New York Branch, Santander Bank, N.A., The Toronto-Dominion Bank, New York Branch, The Northern Trust Company, Australian New Zealand Banking Group Limited, and Bank of Hawaii. On December 8, 2018, the borrower and the lenders entered into an amendment in which they changed certain definitions. On June 28, 2019, financial close was reached on a deal in which a syndicate of 32 banks — including Bank of China and ICBC— entered into a $4,500,000,000 USD syndicated loan agreement with Marriott International, Inc., a Delaware-based multinational hospitality company headquartered in Bethesda, Maryland. This loan agreement marked the Fifth Amended and Restated Credit Agreement, extending the credit facility’s maturity to June 28, 2024. The loan bore an interest rate based on LIBOR plus an applicable margin, depending on Marriott's public debt rating. The proceeds of this facility were allocated for general corporate purposes, including enhancing Marriott's financial flexibility and supporting its global operational requirements. While Bank of China (Record ID#106179) and ICBC (Record ID#106180) contributed $147,500,000 USD and $205,000,000 respectively to this loan, the following lenders also participated: Bank of America, JPMorgan Chase Bank, Deutsche Bank AG, Wells Fargo Bank, The Bank of Nova Scotia, Citibank, U.S. Bank National Association, Fifth Third Bank, Goldman Sachs Bank USA, HSBC Bank USA, SunTrust Bank, The Bank of New York Mellon, Capital One, PNC Bank, The Toronto-Dominion Bank, UniCredit Bank AG, First Hawaiian Bank, The Northern Trust Company, Banco Santander S.A., Standard Chartered Bank, Australia and New Zealand Banking Group, Bank of Hawaii, ICICI Bank Limited, and The Standard Bank of South Africa. On April 13, 2020, the borrower and the lenders entered into the First Amendment to the credit agreement in which they changed certain definitions and altered the calculation of interest rates. From January 1, 2020 and April 2021 (unless otherwise noted by both parties), the loan fell into Covenant Waiver Period: if (i) at any time that the Company maintains at least one Investment Grade Rating, (x) 1.575% for all Eurocurrency Rate Loans and LIBOR Floating Rate Loans and (y) 0.575% with respect to all Base Rate Loans and (ii) at any time that the Company fails to maintain at least one Investment Grade Rating, (x) 2.000% for all Eurocurrency Rate Loans and LIBOR Floating Rate Loans and (y) 1.000% with respect to all Base Rate Loans. After the Period, the interest rate calculation would go back to LIBOR plus an applicable margin based on credit ratings. Bank of China’s participation is recorded in Record ID#106181 and ICBC’s participation is recorded in Record ID#106182. On January 26, 2021, the borrower and the lenders entered into the Second and Third Amendments in which they changed certain definitions and reduced the interest rates by changing the applicable margins. Bank of China’s participation is recorded in Record ID#106183 and ICBC’s participation is recorded in Record ID#106184 On December 14, 2022, financial close was reached on a deal in which a syndicate of 26 banks — including Bank of China and ICBC—entered into a $4,500,000,000 USD syndicated loan agreement with Marriott International, Inc., a Delaware-based multinational hospitality company headquartered in Bethesda, Maryland. This loan agreement, facilitated under the Sixth Amended and Restated Credit Agreement, extends Marriott's credit facility with a maturity date of December 14, 2027. The interest rate is based on the Secured Overnight Financing Rate (SOFR) plus an applicable margin. The use of proceeds was designated for general corporate purposes, including working capital and financial flexibility for Marriott's global operations. While BOC contributed to the loan (Record ID#106185) and ICBC contributed to to this loan (Record ID#106186), the following lenders also participated: Bank of America, JPMorgan Chase Bank, Deutsche Bank AG, Wells Fargo Bank, The Bank of Nova Scotia, Citibank, U.S. Bank National Association, Fifth Third Bank, Truist Bank, Goldman Sachs Bank USA, HSBC Bank USA, The Bank of New York Mellon, Capital One, PNC Bank, The Toronto-Dominion Bank, UniCredit Bank AG, Bank of China, First Hawaiian Bank, The Northern Trust Company, National Westminster Bank PLC, Standard Chartered Bank, Bank of Hawaii, ICICI Bank Limited, and The Standard Bank of South Africa.