Bank of China contributes to $1.8 billion USD syndicated loan to Synnex Corporation for acquisition of Westcon-Comstor Americas in 2017

Project narrative

On November 27, 2013, financial close was reached on a deal in which a syndicate of banks—initially with no Chinese bank’s involvement—entered into a syndicated loan agreement with SYNNEX Corporation, a Delaware-incorporated multinational corporation headquartered in Fremont, California specializing in business process services and IT distribution. This loan is also known as 6th Amendment to the original loan. The proceeds were used by SYNNEX Corporation for general corporate purposes, including working capital and strategic acquisitions. On September 1, 2017, the borrower and certain lenders entered into 7th amendment in which they added seven banks—including Bank of China— to the loan. Now, the loan features two tranches: a term loan of $1.2 billion and a revolving credit of $600 million. The maturity is September 1, 2022, and interest is LIBOR+ applicable margin. The purpose of this loan was for the acquisition of Westcon-Comstor Americas business. The acquisition of Westcon-Comstor Americas businesses and a 10% investment in Westcon EMEA and APAC businesses was for $600 million USD and $30 million USD respectively, was completed on September 1, 2017. While Bank of China, Los Angeles Branch contributed to this loan, the following 14 lenders also participated: Bank of America, N.A., The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Bank USA, National Association, Sumitomo Mitsui Banking Corporation, BMO Harris Bank N.A., Wells Fargo Bank, National Association, U.S. Bank National Association, Bank of the West, Compass Bank, Fifth Third Bank, TD Bank, N.A., The Toronto-Dominion Bank, New York Branch, Branch Banking and Trust Company, and KeyBank National Association. Additionally, the loan was guaranteed by the following entities: SYNNEX Finance Hybrid II, LLC, Lasting Holdings Corporation, Hyve Solutions Corporation, Hyve Solutions US Global Holding Corp, ComputerLand Corporation, Concentrix Global Holdings, Inc., Concentrix Corporation, License Online, Inc., WG-US Holdco, Inc., and Westcon Group, Inc. On January 19, 2018, the borrower and the banks entered into 8th Amendment in which they altered certain definitions. On May 7, 2018, the parties entered into 9th Amendment in which they altered certain definitions. On August 7, 2018, they entered into 10th Amendment. On October 16, 2018, they entered into 11th Amendment. On October 16, 2020, they entered 12th Amendment.