ICBC contributes $25 million USD to $1 billion USD syndicated revolving credit facility to FedEx Corporation for general corporate and acquisition purposes in 2011

Project narrative

Borrowings under the New Credit Agreement may be used for FedEx’s general corporate purposes, including commercial paper back-up and acquisitions. On April 26, 2011, financial close was reached on a deal in which a syndicate of 27 banks — including ICBC — entered into a $1,000,000,000 USD syndicated loan agreement with FedEx Corporation, a Memphis, Tennessee-based multinational courier and logistics services company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for FedEx’s general corporate purposes, including commercial paper back-up and acquisitions. While ICBC contributed $25,000,000 USD to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A. ($85,000,000 USD), Bank of America, N.A. ($65,000,000 USD), Citibank, N.A. ($85,000,000 USD), The Bank of Nova Scotia ($65,000,000 USD), Morgan Stanley Bank, N.A. ($45,000,000 USD), BNP Paribas ($45,000,000 USD), Deutsche Bank AG ($40,000,000 USD), Goldman Sachs Bank USA ($65,000,000 USD), Mizuho Corporate Bank (USA) ($35,000,000 USD), Regions Bank ($40,000,000 USD), SunTrust Bank ($45,000,000 USD), Wells Fargo Bank, N.A. ($35,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($25,000,000 USD), Commerzbank AG ($25,000,000 USD), Fifth Third Bank ($25,000,000 USD), HSBC Bank USA, National Association ($25,000,000 USD), KeyBank National Association ($25,000,000 USD), PNC Bank, National Association ($25,000,000 USD), Sumitomo Mitsui Banking Corporation ($25,000,000 USD), The Bank of New York Mellon ($25,000,000 USD), US Bank National Association ($25,000,000 USD), Comerica ($20,000,000 USD), First Tennessee Bank National Association ($20,000,000 USD), KBC Bank ($20,000,000 USD), Standard Chartered Bank ($20,000,000 USD), and State Street Bank and Trust Company ($20,000,000 USD). On November 13, 2015, the borrower and certain lenders entered into an agreement to replace the loan. There’s no Chinese bank involvement.