Bank of China contributes $35 million USD to $700 million USD syndicated revolving credit facility to Snap-On for general corporate and acquisition purposes in 2013 (Linked to Record ID#106372, #106371, #106374, #106375 and #106376)

Project narrative

On August 10, 2007, financial close was reached on a deal in which a syndicate of 14 banks — including Bank of China— entered into a $500,000,000 USD syndicated loan agreement with Snap-on Incorporated — a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan's maturity is 5 years, and the interest rate is based on LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including backstopping commercial paper and financing acquisitions. While Bank of China contributed $27,000,000 USD to the loan (Record ID#106371), the following lenders also participated: Banco Bilbao Vizcaya Argentaria S.A. ($27,000,000 USD), Barclays Bank PLC ($37,000,000 USD), Citibank, N.A. ($56,000,000 USD), Credit Suisse, Cayman Islands Branch ($27,000,000 USD), Fifth Third Bank ($27,000,000 USD), Intesa Sanpaolo S.p.A. ($27,000,000 USD), JPMorgan Chase Bank, N.A. ($56,000,000 USD), Mizuho Corporate Bank, Ltd. ($43,000,000 USD), The Northern Trust Company ($27,000,000 USD), Royal Bank of Canada ($27,000,000 USD), Societe Generale ($27,000,000 USD), Svenska Handelsbanken AB (publ) ($22,000,000 USD), UBS Loan Finance LLC ($43,000,000 USD), and U.S. Bank National Association ($27,000,000 USD). On December 8, 2011, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China — entered into a $500,000,000 USD syndicated loan agreement with Snap-on Incorporated — a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan has a maturity of 5 years, and the interest rate is based on LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including acquisitions and backstopping commercial paper. While Bank of China contributed $25,000,000 USD to this loan (Record ID#106372), the following lenders also participated: JPMorgan Chase Bank, N.A. and Citibank, N.A. each contributed $62,500,000 USD; Mizuho Corporate Bank (USA), UBS Loan Finance LLC, and U.S. Bank National Association each provided $50,000,000 USD; Barclays Bank PLC and Wells Fargo Bank, N.A. contributed $40,000,000 USD each; Commerzbank AG, New York and Grand Cayman Branches, Handelsbanken AB (publ.), New York Branch, Royal Bank of Canada, and The Northern Trust Company each contributed $25,000,000 USD; and Intesa Sanpaolo S.p.A. provided $20,000,000 USD. On September 27, 2013, financial close was reached on a deal in which a syndicate of 16 banks — including Bank of China — entered into a $700,000,000 USD syndicated loan agreement with Snap-on Incorporated, a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan's maturity is 5 years, and the interest rate is based on LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes, including acquisitions and backstopping commercial paper. While Bank of China, Chicago Branch contributed $35,000,000 USD to this loan (Record ID#106373), the following lenders also participated: JPMorgan Chase Bank, N.A. ($70,000,000), Citibank, N.A. ($70,000,000), U.S. Bank National Association ($70,000,000), Barclays Bank PLC ($50,000,000), Mizuho Bank, Ltd. ($50,000,000), Royal Bank of Canada ($50,000,000), Wells Fargo Bank, National Association ($50,000,000), Commerzbank AG ($35,000,000), Compass Bank ($35,000,000), HSBC Bank USA, N.A. ($35,000,000), The Northern Trust Company ($35,000,000), Sovereign Bank, N.A. ($35,000,000), Svenska Handelsbanken AB (publ.), New York Branch ($35,000,000), Westpac Banking Corporation ($25,000,000), and Intesa Sanpaolo S.p.A. ($20,000,000) On December 15, 2015, financial close was reached on a deal in which a syndicate of 15 banks — including Bank of China — entered into a $700,000,000 USD syndicated loan agreement with Snap-on Incorporated, a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan has a maturity of 5 years, and the interest rate is based on LIBOR plus an applicable margin. The proceeds were designated for general corporate purposes, including acquisitions and backstopping commercial paper. While Bank of China – Chicago Branch contributed $35,000,000 USD to this loan (Record ID#106374), the following lenders also participated: JPMorgan Chase Bank, N.A. ($75,000,000), Citibank, N.A. ($75,000,000), U.S. Bank National Association ($75,000,000), Barclays Bank PLC ($55,000,000), Mizuho Bank, Ltd. ($55,000,000), Royal Bank of Canada ($55,000,000), Wells Fargo Bank, National Association ($55,000,000), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($35,000,000), Commerzbank AG, New York Branch ($35,000,000), HSBC Bank USA, National Association ($35,000,000), Svenska Handelsbanken AB (publ), New York Branch ($35,000,000), The Northern Trust Company ($35,000,000), Westpac Banking Corporation ($25,000,000), and Intesa Sanpaolo S.p.A., New York Branch ($20,000,000). On September 16, 2019, financial close was reached on a deal in which a syndicate of 15 banks — including Bank of China — entered into a $800,000,000 USD syndicated loan agreement with Snap-on Incorporated, a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan's maturity is 5 years, and the interest rate is based on LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes, including acquisitions and backstopping commercial paper. While Bank of China – Chicago Branch contributed $42,500,000 USD to this loan (Record ID#106375), the following lenders also participated: JPMorgan Chase Bank, N.A. ($92,500,000), Citibank, N.A. ($92,500,000), U.S. Bank National Association ($92,500,000), Barclays Bank PLC ($67,500,000), Mizuho Bank, Ltd. ($67,500,000), Wells Fargo Bank, National Association ($67,500,000), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($42,500,000), Bank of America, N.A. ($42,500,000), Svenska Handelsbanken AB (publ), New York Branch ($42,500,000), HSBC Bank USA, National Association ($40,000,000), The Northern Trust Company ($35,000,000), Commerzbank AG, New York Branch ($25,000,000), Intesa Sanpaolo S.p.A., New York Branch ($25,000,000), and Westpac Banking Corporation ($25,000,000). On September 12, 2023, financial close was reached on a deal in which a syndicate of 14 banks — including Bank of China — entered into a $900,000,000 USD syndicated loan agreement with Snap-on Incorporated, a Delaware-based company that manufactures and markets tools, equipment, diagnostics, and repair information for professional users in automotive and industrial markets. The loan has a maturity of 5 years, and the interest rate is based on SOFR plus an applicable margin. The proceeds were designated for general corporate purposes, including acquisitions and backstopping commercial paper. While Bank of China – Chicago Branch contributed $50,000,000 USD to this loan (Record ID#106376), the following lenders also participated: JPMorgan Chase Bank, N.A. ($115,000,000), Citibank, N.A. ($115,000,000), U.S. Bank National Association ($115,000,000), Barclays Bank Ireland PLC ($80,000,000), Bank of Montreal ($80,000,000), Svenska Handelsbanken AB (publ), New York Branch ($77,500,000), ING Bank N.V., Dublin Branch ($50,000,000), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($50,000,000), Bank of America, N.A. ($42,500,000), HSBC Bank USA, National Association ($40,000,000), The Northern Trust Company ($35,000,000), Commerzbank AG, New York Branch ($35,000,000), and Westpac Banking Corporation ($15,000,000).