Bank of China contributes to $1.25 billion USD syndicated revolving credit facility to Vornado Realty L.P. for general corporate purposes in 2019 (Linked to Record ID#106559, #106558 and #106561)

Project narrative

On November 7, 2016, financial close was reached on a deal in which a syndicate of 27 banks — including Bank of China and China Merchants Bank — entered into a $1,250,000,000 USD syndicated revolving credit agreement with Vornado Realty L.P., a real estate investment trust headquartered in New York, USA, focusing on commercial property ownership and management. The loan's maturity date is February 1, 2021, and the interest rate is based on LIBOR plus an applicable margin. The proceeds were used by Vornado Realty L.P. for general corporate purposes, including supporting its real estate operations and financing ongoing projects. While Bank of China contributed $25,000,000 USD (Record ID#106558) and China Merchants Bank contributed $25,000,000 USD (Record ID#106559). Additional contributions included JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Wells Fargo Bank, N.A.; U.S. Bank National Association; Citibank, N.A.; PNC Bank, National Association; BMO Harris Bank, N.A.; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; Barclays Bank PLC; Deutsche Bank AG New York Branch; Société Générale; Branch Banking and Trust Company; ING Capital LLC; The Bank of New York Mellon; The Bank of Nova Scotia; MUFG Bank, Ltd.; Bank of China New York Branch; Credit Agricole Corporate and Investment Bank; People’s United Bank; TriState Capital Bank; HSBC Bank USA, National Association; and Chang Hwa Commercial Bank, Ltd., New York Branch. In 2017, some banks and the company entered into an amended and restated revolving credit agreement. There is no Chinese bank involvement. On March 26, 2019, financial close was reached on a deal in which a syndicate of 26 banks — including Bank of China — entered into a $1,250,000,000 USD syndicated revolving credit agreement with Vornado Realty L.P., a Delaware-based real estate investment trust (REIT) specializing in commercial property ownership and management in prime urban areas, including New York City. The loan's maturity date was March 24, 2023, and the interest rate was based on LIBOR plus an applicable margin. The proceeds from this credit agreement were intended for general corporate purposes, including the enhancement of the borrower’s real estate portfolio and related operational activities. While Bank of China contributed to this loan (Record ID#106560), other banks also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Wells Fargo Bank, N.A.; U.S. Bank National Association; Citibank, N.A.; PNC Bank, National Association; BMO Harris Bank, N.A.; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; Barclays Bank PLC; Deutsche Bank AG New York Branch; Société Générale; Branch Banking and Trust Company; ING Capital LLC; The Bank of New York Mellon; The Bank of Nova Scotia; MUFG Bank, Ltd.; Bank of China New York Branch; Credit Agricole Corporate and Investment Bank; People’s United Bank; TriState Capital Bank; HSBC Bank USA, National Association; and Chang Hwa Commercial Bank, Ltd., New York Branch. On April 15, 2021, financial close was reached on a $1,250,000,000 USD syndicated revolving credit agreement between Vornado Realty L.P., a Delaware-based real estate investment trust specializing in high-quality commercial and retail properties, and a syndicate of 20 banks — including Bank of China. The loan's maturity date was set for April 15, 2025, and the interest rate was based on LIBOR plus an applicable margin. The proceeds from this credit facility were intended for general corporate purposes, supporting Vornado Realty’s operations and real estate portfolio enhancements. While Bank of China contributed to the syndicate (Record ID#106561), the participating banks also included JPMorgan Chase Bank, N.A.; Bank of America, N.A.; PNC Bank, National Association; U.S. Bank National Association; Wells Fargo Bank, N.A.; Barclays Bank PLC; BMO Harris Bank, N.A.; Citibank, N.A.; Deutsche Bank Securities Inc.; Goldman Sachs Bank USA; Morgan Stanley Senior Funding Inc.; Société Générale; and TD Bank, N.A. A detailed list of all banks involved and their roles is available in the agreement documentation. In 2022, the loan’s terms were changed: SOFR replaced LIBOR.