Bank of China contributes $100 million USD to $750 million upsizing to $8 billion USD term loan to Synchrony Financial for debt refinancing and general corporate purposes in 2014

Project narrative

On July 30, 2014, financial close was reached on a deal in which a syndicate of 25 banks, including no Chinese banks, entered into a $8 billion USD syndicated loan agreement with Synchrony Financial — an American consumer financial services company headquartered in Stamford, Connecticut. The maturity of the loan was 5 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower to fund general corporate purposes, including the repayment of existing indebtedness and financing new business opportunities. While there is no Chinese bank participation in this loan, the following lenders also contributed: JPMorgan Chase Bank, N.A.; Barclays Bank PLC; Citigroup Global Markets Inc.; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities Inc.; Goldman Sachs Bank USA; Morgan Stanley Senior Funding, Inc.; among others. On October 1, 2014, six banks — including Bank of China — entered into an amendment to the original loan in which they provided $750 million USD to upsize the original loan. Other terms remained unchanged. While Bank of China contributed $100 million USD, Unicredit Bank, Toronto Dominion (Texas) LLC, State Street Bank and Trust Company, Banco Bilbao Vizcaya Argentaria and Lloyds Bank PLC contributed.