ICBC contributes to $695 million USD syndicated revolving credit facility to Goldman Sachs BDC in 2018 for general corporate and acquisition purposes (Linked to Record ID#106344, #106345, #106346 and #106347)

Project narrative

On September 19, 2013, financial close was reached on a deal in which a syndicate of lenders, including SunTrust Bank, Bank of America, N.A., and State Street Bank and Trust Company, entered into a $340 million USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. — a Delaware-incorporated business development company providing capital to middle-market companies based in New York City, New York — for general corporate and acquisition purposes. The loan's maturity was four years, with a final maturity date of September 19, 2017. The interest rate was based on the LIBOR plus an applicable margin. The proceeds of the loan were used by the borrower for general corporate purposes. No Chinese banks were involved in this syndicate. The lenders contributing to this agreement include SunTrust Bank, Bank of America, N.A., and State Street Bank and Trust Company. Their participation amounts, if disclosed, are detailed in the agreement under lender commitments. The credit facility was amended in October 3, 2014, November 4, 2015 and December 16, 2016. Each time, the amount committed was changed and maturity extended based on the new credit facility. On February 21, 2018, financial close was reached on a deal in which a syndicate of 11 lenders — including the New York Branch of the Industrial and Commercial Bank of China (ICBC), SunTrust Bank, Bank of America, N.A., State Street Bank and Trust Company, Morgan Stanley Bank, Citibank, Credit Suisse AG, HSBC Bank USA, and BankUnited — entered into a $695 million USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. The maturity of the loan was extended to February 21, 2023, as part of the Fourth Amendment to the original agreement dated September 19, 2013. The interest rate was based on LIBOR plus an applicable margin. The proceeds of this loan were used for general corporate purposes including acquisitions. In addition to the New York Branch of ICBC (Record ID#106343), the following lenders also contributed to the loan syndicate: SunTrust Bank, Bank of America, N.A., State Street Bank and Trust Company, Morgan Stanley Bank, Citibank, Credit Suisse AG, HSBC Bank USA, and BankUnited. Then, on September 17, 2018, the parties entered into 5th amendment in which they changed certain definitions of the agreement. On February 25, 2020, financial close was reached on a deal (sixth amendment) in which a syndicate of lenders entered into a $795 million USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. The loan, amended under the Sixth Amendment to the existing credit agreement, extended the maturity to February 25, 2025. The interest rate was based on LIBOR plus an applicable margin. The proceeds of this loan were used for general corporate purposes, as specified in the agreement. While the New York Branch of ICBC contributed $75 million USD to the loan (Record ID#106344), other lenders participating in this agreement included Truist Bank, Bank of America, N.A., HSBC Bank USA, N.A., MUFG Union Bank, State Street Bank and Trust Company, Morgan Stanley Bank, Citibank, N.A., Sumitomo Mitsui Banking Corporation, Barclays Bank PLC, BNP Paribas, CIBC Bank USA, CIT Bank, ING Capital LLC, Credit Suisse AG (Cayman Islands Branch), and BankUnited, N.A., among others. On November 20, 2020, the parties entered into 7th amendment in which they changed certain definitions. On August 13, 2021, financial close was reached on a deal (8th amendment) in which a syndicate of lenders entered into a $1,695 million USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. This agreement, as part of the Eighth Amendment to the original credit agreement dated September 19, 2013, extended the loan maturity to August 13, 2026. The interest rate was based on LIBOR plus an applicable margin. The proceeds of this loan were used for general corporate purposes, as indicated in the agreement. The New York Branch of ICBC contributed $125 million USD to the loan (Record ID#106345). In addition to the New York Branch of ICBC, the following lenders also participated: Truist Bank, Bank of America, N.A., MUFG Union Bank, Sumitomo Mitsui Banking Corporation, HSBC Bank USA, N.A., State Street Bank and Trust Company, Morgan Stanley Bank, Citibank, ING Capital LLC, Barclays Bank PLC, BNP Paribas, CIBC Bank USA, CIT Finance LLC, and Signature Bank. On May 5, 2022, financial close was reached on a deal in which a syndicate of 15 lenders — including the New York Branch of ICBC — entered into a $1.695 billion USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. The agreement was executed under the Ninth Amendment to the original credit agreement, extending the maturity to May 5, 2027. The interest rate was based on SOFR plus an applicable margin. The proceeds of this loan were used for general corporate purposes, as specified in the agreement. In addition to the New York Branch of ICBC (Record ID#106346), the following lenders also contributed: Truist Bank, Bank of America, N.A., MUFG Union Bank, Sumitomo Mitsui Banking Corporation, HSBC Bank USA, N.A., State Street Bank and Trust Company, Santander Bank, Morgan Stanley Bank, Citibank, ING Capital LLC, Barclays Bank PLC, BNP Paribas, CIBC Bank USA, CIT Finance LLC, and BankUnited, N.A. On October 18, 2023, financial close was reached on a deal in which a syndicate of 14 lenders — including the New York Branch of ICBC — entered into a $1,695 million USD senior secured revolving credit agreement with Goldman Sachs BDC, Inc. This agreement, under the Tenth Omnibus Amendment to the original credit agreement, extended the maturity to October 18, 2028. The interest rate was based on SOFR plus an applicable margin. The proceeds of this loan were used for general corporate purposes, as stated in the agreement. In addition to the New York Branch of ICBC (Record ID#106347), the following lenders also contributed: Truist Bank, Bank of America, N.A., MUFG Bank, Sumitomo Mitsui Banking Corporation, HSBC Bank USA, N.A., State Street Bank and Trust Company, Santander Bank, Morgan Stanley Bank, ING Capital LLC, Barclays Bank PLC, BNP Paribas, CIBC Bank USA, and CIT Finance LLC.