Narrative
Full Description
Project narrative
On November 1, 2023, a syndicate of 20 banks — including the Los Angeles Branch of the Bank of China (BOC) — entered into a $5.0 billion USD syndicated revolving credit facility (RCF) agreement with Amazon.com, Inc. — a Delaware-incorporated American multinational technology and e-commerce company founded by Jeff Bezos, headquartered in Seattle, Washington, and listed on the Nasdaq Stock Market — for refinancing and general corporate purposes. This RCF carried a maturity period of 364 days (one year) with a final maturity date of October 30, 2024 albeit with a 364-day maturity extension option. This RCF carried an interest rate based on SOFR plus a margin of 0.45% and a commitment fee of 0.03% on the undrawn portion. This RCF was unsecured. The proceeds of this RCF were used to replace (refinance) an existing $10.0 billion USD 364-day revolving credit agreement originated on November 18, 2022, which was then terminated on November 1, 2023, and for general corporate purposes, including backstopping any notes issued by the borrower under its commercial paper program. In addition to BOC LA Branch, the following lenders contributed to the loan syndicate: Citibank, N.A., Bank of America N.A., the New York Branch of Deutsche Bank AG, The Hongkong and Shanghai Bank Corporation Limited (HSBC), JPMorgan Chase Bank, N.A., Wells Fargo Bank N.A., Barclays Bank Plc, BNP Paribas S.A., Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Royal Bank of Canada (RBC), Société Générale S.A. (SocGen), the New York Branch of Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), the New York Branch of Banco Santander, S.A., National Westminster Bank Plc (NatWest), Standard Chartered Bank PLC, and U.S. Bank National Association. Citibank, N.A. served as administrative agent, sole lead arranger, and syndication agent. Citibank, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA), Inc., JPMorgan Chase Bank, N.A., and Wells Fargo Securities, LLC served as joint bookrunners. Citibank, BofA Securities Inc., Deutsche Bank Securities Inc., HSBC Securities (USA), Inc., JPMorgan Chase Bank, Wells Fargo Bank, N.A., Barclays Bank Plc, BNP Paribas, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., RBC, SocGen, TD Securities (USA) LLC, and Scotiabank served as co-documentation agents. The New York Branch of BBVA, New York Branch of Banco Santander, BOC LA Branch, NatWest, Standard Chartered Bank, and U.S. Bank National Association served as co-managing agents. As of December 31, 2023, there were no borrowings outstanding under the $5 billion USD RCF. As of September 30, 2024, there were no borrowings outstanding under the $5 billion USD RCF. On October 30, 2024, a syndicate of 20 lenders — including the Los Angeles Branch of BOC — entered into a $5.0 billion USD syndicated RCF agreement with Amazon.com, Inc. for refinancing and general corporate purposes. This RCF carried a maturity period of 364 days (one year) with a final maturity date of October 29, 2025 albeit with a 364-day maturity extension option. The proceeds of this RCF were used to replace (refinance) the existing $5.0 billion USD 364-day RCF originated on November 1, 2023.
Staff comments
1. The loan agreement can be accessed in its entirety via https://www.dropbox.com/scl/fi/admi5aet6jq1udngzsmna/sec.gov_Archives_edgar_data_1018724_000110465923113444_tm2329405d1_ex10-2.htm.pdf?rlkey=ucmzyxpy7d1lmffeaqbcfg2x2&st=ytk41kn1&dl=0 2. The individual contributions of the 20 lenders to this $5 billion USD syndicated revolving credit facility are unknown. For the time being, to estimate BOC's contribution, AidData has assumed that each lender committed equally ($250,000,000 USD) to the loan syndicate.