ICBC contributes to $730 million USD tranche of $1.5 billion USD loan to Jacobs Engineering Group for general corporate purposes in 2020 (Linked to Record ID#106361)

Project narrative

On March 25, 2020, financial close was reached on a deal in which a syndicate of 14 banks — including Industrial and Commercial Bank of China (New York Branch) — entered into a $1.5 billion USD term loan agreement with Jacobs Engineering Group Inc., a Delaware-based multinational professional services firm. The loan has two tranches: $730 million USD loan to Jacobs Engineering Group Inc., and £250,000,000 GBP to Jacobs U.K., Jacobs Engineering’s UK subsidiary. The maturity of the loan was five years, and the interest rate was LIBOR plus an applicable margin based on the consolidated leverage ratio. The proceeds were used by the borrower for general corporate purposes. While ICBC (New York Branch) contributed to this facility (Record ID#106360) for USD tranche and Record ID#106361) for GBP tranche), the following lenders also participated: Bank of America, N.A.; BNP Paribas; Wells Fargo Bank, N.A.; TD Bank, N.A.; HSBC Bank USA, N.A.; PNC Bank, N.A.; U.S. Bank National Association; Truist Bank; BMO Harris Bank, N.A.; National Westminster Bank PLC; Morgan Stanley Bank, N.A.; JPMorgan Chase Bank, N.A.; The Bank of Nova Scotia; Regions Bank; and Citizens Bank, N.A. On December 6, 2021, the borrower and lenders entered into 1st amendment in which they replaced LIBOR with SOFR. In December 2022 and February 2023, the parties entered into 2 other amendments in which they changed certain definitions.