Narrative
Full Description
Project narrative
On November 19, 2018, financial close was reached on a deal in which a syndicate of 22 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $1.59 billion USD syndicated loan agreement with Apollo Investment Corporation, a Maryland-based company specializing in middle-market lending and asset management. The loan's maturity date is November 19, 2023, providing a maturity of 5 years, and the interest rate is LIBOR plus an applicable margin of 1.75% to 2.00% for Eurocurrency borrowings. The purpose of the loan facility is for general corporate purposes including acquisitions. While ICBC contributed to this loan (Record ID#106711), the following foreign banks also participated: JPMorgan Chase Bank, SunTrust Bank, Bank of Montreal, Bank of America, Citibank, Goldman Sachs Bank USA, Royal Bank of Canada, Barclays Bank PLC, Mizuho Bank, Morgan Stanley Bank, Natixis, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, HSBC Bank USA, State Street Bank and Trust, U.S. Bank, CIT Finance LLC, Bank of New York Mellon, City National Bank, and Liberty Bank. On December 22, 2020, financial close was reached on a deal in which a syndicate of 24 banks—including Industrial and Commercial Bank of China (ICBC)—entered into a $1.81 billion USD syndicated loan agreement with Apollo Investment Corporation, a Maryland-based company specializing in middle-market lending and asset management. The loan has a maturity date of December 22, 2025, resulting in a term of 5 years, and the interest rate is LIBOR plus an applicable margin of 1.75% to 2.00% for Eurocurrency borrowings. The purpose of the loan facility is for general corporate purposes including acquisitions. While ICBC contributed to this loan (Record ID#106712), the following foreign lenders also participated: JPMorgan Chase Bank, Bank of Montreal, MUFG Union Bank, Truist Bank, Bank of America, Citibank, Goldman Sachs Bank USA, Royal Bank of Canada, Barclays Bank PLC, Mizuho Bank, Natixis, Santander Bank, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, State Street Bank, U.S. Bank National Association, CIT Finance LLC, City National Bank, Morgan Stanley Senior Funding, HSBC Bank USA, The Bank of New York Mellon, and Liberty Bank.
Staff comments
1. Apollo Investment Corporation is a Maryland-based business development company that primarily invests in middle-market companies through senior secured loans, subordinated debt, and equity investments. The company is a subsidiary of Apollo Global Management, an asset management firm with a global footprint. 2. The loan utilizes LIBOR as the benchmark reference rate. The aggregated interest is the 6-month average LIBOR rate in November 2018 plus an applicable margin that was determined based on the gross borrowing base and combined debt amount (1.75%). 3. The individual contributions of each lender to this $1.59 billion syndicated loan are unknown. AidData has estimated the contribution of ICBC by assuming that all 22 lenders contributed equally, which would equate to $72272727.27 USD per lender, although actual contributions may vary.