Bank of China contributes $75 million USD to syndicated $3.15 billion revolving credit facility for Dell Technologies' acquisition of EMC Corporation in 2016 (Linked to Record ID#107109, #107108, #107111, #107112, #107113, #107110 and #107115)

Project narrative

On September 7, 2016, financial close was reached on a deal in which a syndicate of 37 banks—including Bank of China, New York Branch ($87,500,000 USD), China CITIC Bank International Limited, New York Branch ($17,500,000 USD), China Merchants Bank, New York Branch ($30,000,000 USD)—entered into a $13.425 billion USD syndicated loan agreement with Dell Inc., a Delaware-based multinational technology company specializing in personal computing, software, and IT infrastructure. The syndicated loan was divided into four tranches: Term Loan A-1 ($3.7 billion USD), Term Loan A-2 ($3.925 billion USD), Term Loan A-3 ($1.8 billion USD), and a Revolving Credit Facility ($3.15 billion USD). The maturity dates varied by tranche, with Term A-1 and Term A-3 maturing on December 31, 2018, and Term A-2 and the Revolving Credit Facility maturing on September 7, 2021. The interest rate was LIBOR plus an applicable margin, determined based on Dell’s corporate credit rating and leverage ratio. The proceeds from this syndicated loan were used primarily to finance Dell’s acquisition of EMC Corporation, a Massachusetts-based global leader in data storage, cloud computing, and cybersecurity solutions. Additionally, funds were allocated for general corporate purposes, including potential debt refinancing, capital expenditures, and liquidity management. The acquisition was completed on September 7, 2016. For Term A-1, BOC contributed $87.5 million USD (Record ID#107108) and China CITIC Bank International contribtued $13 million (Record ID#107109). For Term A-2, BOC contributed $87.5 million USD (Record ID#107110), China CITIC Bank International contributed $17.5 million (Record ID#107111) and China Merchants Bank contributed $30 million USD (Record ID#107112). For Term A-3, BOC contributed $9 million USD (Record ID#107113). For the revolving credit facility, BOC contributed $75 million USD (Record ID#107114) and China CITIC Bank International contributed $10 million USD (Record ID#107115). The following lenders also participated: Credit Suisse AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs Bank USA, Deutsche Bank AG New York Branch, Royal Bank of Canada, HSBC Bank USA, National Association, BNP Paribas, The Bank of Tokyo – Mitsubishi UFJ, Ltd., The Bank of Nova Scotia, Societe Generale, Mizuho Bank, Ltd., Standard Chartered Bank, Australia and New Zealand Bank Group Limited, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Nomura Corporate Funding Americas, LLC, Fifth Third Bank, Citizens Bank, National Association, Santander Bank, N.A., PNC Bank, National Association, Intesa Sanpaolo S.p.A. – New York Branch, Commerzbank AG, New York Branch, Unicredit Bank AG, New York Branch, TD Bank, N.A., Commonwealth Bank of Australia, ING Capital, LLC, State Bank of India, Chicago Branch, Chang Hwa Commercial Bank, Ltd., New York Branch, Mega International Commercial Bank Co., Ltd., New York Branch, First Hawaiian Bank, MUFG Union Bank, N.A., and Liberty Bank.