Bank of China contributes $75 million USD to $5 billion USD syndicated loan to Synnex Corporation for the merger of Tech Data Corporation and general corporate purposes in 2021

Project narrative

On April 16, 2021, financial close was reached on a deal in which a syndicate of 27 banks—including Bank of China—entered into a $5 billion USD syndicated loan agreement with SYNNEX Corporation, a Delaware-based multinational business process services company. The loan was divided into two tranches: a $3.5 billion USD revolving credit facility and a $1.5 billion USD term loan facility. 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 by SYNNEX Corporation to finance the acquisition of Tech Data Corporation, a leading global distributor of IT products and services. The loan also supported general corporate purposes, including working capital needs and other financial obligations arising from the merger. While Bank of China contributed $75 million USD to this loan in total, the following lenders also participated: Citibank, N.A.; Bank of America, N.A.; The Bank of Nova Scotia; Wells Fargo Bank, National Association; HSBC Bank USA, N.A.; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; The Toronto-Dominion Bank, New York Branch; Crédit Agricole Corporate and Investment Bank; JPMorgan Chase Bank, N.A.; Mizuho Bank, Ltd.; BNP Paribas; Barclays Bank PLC; PNC Bank, National Association; U.S. Bank National Association; Fifth Third Bank, National Association; KeyBank, National Association; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Capital One, N.A.; Citizens Bank, N.A.; The Huntington National Bank; Unicredit Bank AG, New York Branch; Credit Suisse AG, New York Branch; Goldman Sachs Bank USA; Societe Generale; Standard Chartered Bank; Comerica Bank; and Skandinaviska Enskilda Banken AB (publ). On May 22, 2023, the parties entered into an amendment in which they replaced LIBOR with SOFR.