Skip to content
AidData logo

Overview

Bank of China contributes $45 million USD to $3 billion USD syndicated revolving credit facility to eBay for working capital, acquistions and general corporate purposes in 2011

Commitments (Constant USD, 2023)$51,142,372
Commitment Year•2011Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 22, 2011
End (actual)
Nov 9, 2015
Last repayment (originally scheduled)
Nov 20, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The purpose of this project was for Bank of China to contribute $45 million USD to $3 billion USD syndicated revolving credit facility to eBay for working capital, acquistions and general corporate purposes in 2011. More detailed locational information can be found at: https://www.openstreetmap.org/way/1351799854

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of New York Mellon Corporation (BNY Mellon)
  • Credit Suisse AG
  • DBS Bank Ltd.
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • Morgan Stanley Bank, N.A.
  • Royal Bank of Canada (RBC)

Receiving agencies

Private Sector

  • eBay Inc.

Loan desecription

Bank of China contributes $45 million USD to $3 billion USD syndicated revolving credit facility to eBay for working capital, acquistions and general corporate purposes in 2011

Interest rate (t₀)•1.58722%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On November 22, 2011, financial close was reached on a deal in which a syndicate of eight banks — including the Los Angeles Branch of the Bank of China (BOC) — entered into a $3,000,000,000 USD syndicated loan agreement with eBay Inc., a Delaware-based multinational e-commerce company specializing in online marketplace services for consumer-to-consumer and business-to-consumer transactions. The loan was divided into two tranches: Tranche 1, amounting to $2,045,000,000 USD, and Tranche 2, amounting to $955,000,000 USD. The maturity of the loan is five years, and the interest rate was LIBOR plus an applicable margin. The proceeds of this loan were used for corporate working capital, and acquisition purposes. While Bank of China (Los Angeles Branch) contributed $45,000,000 USD to Tranche 2, the following lenders also participated: HSBC Bank USA, National Association ($250,000,000 USD); Credit Suisse AG, Cayman Islands Branch ($175,000,000 USD); Goldman Sachs Bank USA ($175,000,000 USD); Morgan Stanley Bank, N.A. ($175,000,000 USD); DBS Bank Ltd. (Los Angeles Agency) ($45,000,000 USD); Royal Bank of Canada ($45,000,000 USD); and The Bank of New York Mellon ($45,000,000 USD). Contributions to Tranche 1 were not disclosed in detail in the document. On March 4, 2013, the two parties entered into First Amendment of the loan in which they altered certain definitions. On November 9, 2015, the borrower and some lenders signed a new credit agreement. No Chinese lender is involved.

Staff comments

1. eBay Inc. is a Delaware-based multinational e-commerce corporation, founded in 1995 and headquartered in San Jose, California. It facilitates consumer-to-consumer and business-to-consumer sales through its platform, which operates in over 190 markets worldwide. 2. AidData estimates the interest rate by adding the 6-month average LIBOR rate for November 2011 and the applicable margin (Level III of 0.875% or A).