ICBC contributes to a $1.5 billion USD syndicated loan to Colgate-Palmolive Company for unspecified purposes

Project narrative

On August 23, 2019, a syndicate of 15 banks — including the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $1,500,000,000 USD syndicated credit facility agreement with Colgate-Palmolive Company — a Delaware-incorporated American multinational consumer products company known for, among other things, its Colgate toothpaste brand and other personal care products headquartered in Manhattan, New York City, New York and listed on the New York Stock Exchange — for unspecified purposes. This loan carried a maturity period of 364 days and a final maturity date of August 21, 2020. This facility was available for drawdown in U.S. dollars and euros. This facility carried a variable interest rate based on either a base rate for U.S. dollar drawdowns (the highest of Citibank's base rate, 0.50% plus the Federal Funds Rate, or one-month LIBOR plus 1.00%), USD LIBOR for U.S. dollar drawdowns, or EURIBOR for euro drawdowns, the LIBOR and EURIBOR having a tenor or 1, 2, 3 or 6 months (at the borrower's discretion), plus a margin. For base rate loans, the margin was 1%. For LIBOR and EURIBOR loans, the margin was based the 30-day moving average one-year credit default swap mid-rate spread ranging from no less than 0.10% or over 0.75% (unless after the termination date). In addition to ICBC, the following lenders contributed to the loan syndicate: Citibank, N.A., Bank of America, N.A., BNP Paribas S.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., the New York Branch of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Barclays Bank Plc, Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., U.S. Bank, N.A., Australia and New Zealand Banking Group Limited (ANZ), the New York Branch of Banco Santander, S.A., and Mizuho Bank, Ltd.. On August 21, 2020, a syndicate of 14 banks — not including the New York Branch of ICBC — entered into a $1.5 billion USD credit facility agreement with Colgate-Palmolive Company for refinancing purposes. This facility carried a maturity period of 364 days and a final maturity date of August 20, 2020. The proceeds were to be used by the borrower to replace (refinance) the August 2019 364-day facility. Then, on August 20, 2021, a syndicate of 15 banks — including the New York Branch of ICBC — entered into a $3,000,000,000 USD syndicated revolving credit facility (RCF) agreement with Colgate-Palmolive Company for refinancing purposes. This RCF carried a maturity period of five years with a final maturity date of August 20, 2026 albeit with at least an one-year extension option at each lender's consent. This RCF was available for drawdown in U.S. dollars and euros. This RCF carried a variable interest rate based on either a base rate for U.S. dollar drawdowns (the highest of Citibank's base rate, 0.50% plus the Federal Funds Rate, or one-month LIBOR plus 1.00%), USD LIBOR for U.S. dollar drawdowns, or EURIBOR for euro drawdowns, the LIBOR and EURIBOR having a tenor or 1, 2, 3 or 6 months (at the borrower's discretion), plus a margin. For base rate loans, the margin was a rate per annum equal to the base rate. For LIBOR and EURIBOR loans, the margin was based on the borrower's long-term senior unsecured rating published by Moody's and S&P's, ranging from 0.460% if greater than or equal to Aa2 or AA to 0.805% if less than A1 or A+. This RCF carried a facility (commitment fee) on the average daily amount of the commitments based on the borrower's long-term senior unsecured rating published by Moody's and S&P's, ranging from 0.040% if greater than or equal to Aa2 or AA to 0.070% if less than A1 or A+. The RCF was able to up-sized to $3,500,000,000 USD at the borrower's request ($500,000,000 USD). The proceeds were to be used for unspecified purposes and to replace (refinance) an existing $2.65 billion USD RCF from 2018 and the 364-day credit agreement from August 2020. ICBC contributed $75,000,000 USD to the loan syndicate. Record ID#106667 captures ICBC's contribution.