Bank of China (New York Branch) contributes $25 million USD to a $600 million USD syndicated loan to Camden Property Trust for refinancing and general corporate purposes

Project narrative

On January 14, 2005, a syndicate of 21 banks — including the New York Branch of the Bank of China (BOC) — entered into a $600,000,000.00 USD syndicated Amended and Restated Credit Agreement with Camden Property Trust — a Texas real estate investment trust investing in apartments based in Houston, Texas and listed on the New York Stock Exchange — for refinancing and general corporate purposes. This line of credit loan carried a maturity period of three years with a final maturity date of January 14, 2008, albeit with a one-year extension option and an interest rate based on LIBOR or the Federal Funds rate plus 100 basis points (bps) plus a margin based on the borrower's credit rating, ranging from 45 bps for LIBOR or 0 bps for the base rate if A-/A3 or higher to 105 bps for LIBOR or 25 bps for the base if BBB-/Baa3 or less (the borrower's credit rating at time of signing was BBB, therefore the LIBOR margin was 50 bps and the base rate margin was 0 bps). This loan was unsecured. This loan included an accordion feature to increase its size to $750,000,000.00 USD. Camden USA, Inc., Camden Operating, L.P., and Camden Realty, Inc., Delaware-incorporated subsidiaries of Camden Property Trust, served as guarantors for this loan. The proceeds were to be used by the borrower to refinance debt under its existing $500 million USD credit facility accrued in 2002 and for its general corporate and working capital purposes. BOC NY Branch contributed $25,000,000 USD to the loan syndicate. Record ID#106211 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Bank of America, N.A. ($45,000,000 USD), JPMorgan Chase Bank, N.A. ($45,000,000 USD), Wachovia Bank, National Association ($45,000,000 USD), Wells Fargo Bank, N.A. ($45,000,000 USD), the New York and Grand Cayman Branches of Commerzbank AG ($35,000,000 USD), Citicorp North America, Inc. ($35,000,000 USD), Deutsche Bank Trust Company Americas (DBTCA) ($35,000,000 USD), the New York Branch of Eurohypo AG ($35,000,000 USD), SunTrust Bank ($35,000,000 USD), PNC Bank, National Association ($35,000,000 USD), Am South Bank ($30,000,000 USD), The Governor and Company of the Bank of Ireland ($25,000,000 USD), U.S. Bank National Association ($25,000,000 USD), Credit Suisse First Boston (CSFB) ($20,000,000 USD), UFJ Bank Limited ($20,000,000 USD), Comerica Bank ($15,000,000 USD), the Los Angeles Branch of Chang Hwa Bank ($15,000,000 USD), Mellon Bank, N.A. ($15,000,000 USD), the Los Angeles Branch of E.Sun Commercial Bank, Ltd. ($10,000,000 USD), and the Los Angeles Branch of First Commercial Bank ($10,000,000 USD). Bank of America, N.A. served as administrative agent. J.P. Morgan Chase Bank, N.A. served as syndication agent. Wachovia Bank, N.A. and Wells Fargo Bank, N.A. served as documentation agents. AmSouth Bank, BOC NY Branch, the Governor and Company of the Bank of Ireland, U.S. Bank N.A., and CSFS Cayman Islands Branch served as co-agents. Bank of America Securities LLC served as sole lead arranger and joint bookrunner. J.P. Morgan Securities Inc. served as joint bookrunner. Then, on January 16, 2006, the lending syndicate — still including BOC — entered into an amendment agreement with the borrower for the loan agreement; in the amendment, the lenders extended the maturity period of the loan by two years — for a new maturity period of five years — with January 14, 2010 as the new final maturity date. Additionally, Camden Summit Partnership L.P. joined as a new guarantor. Record ID#106212 captures this extension. Then, in 2009, the lending syndicate entered into an amendment agreement with the borrower for the loan agreement; in the amendment, the lenders extended the maturity period of the loan by one year — for a new maturity period of six years — with January 2011 as the new final maturity date. It is unclear whether BOC participated in this extension.