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Overview

Bank of China contributes $15 million USD to $1.3 billion 364-day syndicated revolving credit facility to CHS Inc. for debt refinancing and working capital purposes in 2010

Commitments (Constant USD, 2023)$19,292,077
Commitment Year•2010Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 24, 2010
Last repayment (originally scheduled)
Nov 24, 2011

Geospatial footprint

Map overview

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The purpose of this project was for a syndicated revolving credit facility to CHS Inc. for debt refinancing and working capital purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/489377685

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • AgFirst Farm Credit Bank
  • AgStar Financial Services, PCA
  • Bank of America, N.A.
  • Bank of East Asia Limited (BEA)
  • Bank of Nova Scotia (Scotiabank)
  • BMO Financial Group (Bank of Montreal)
  • BNP Paribas S.A.
  • Chang Hwa Commercial Bank Limited
  • CoBank, ACB
  • Comerica Bank
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Farm Credit Services of America, PCA
  • Farm Credit Services of the Mountain Plains
  • FCS Financial, FLCA
  • HSBC Bank USA, N.A.
  • Hua Nan Commercial Bank, Ltd. (HNCB)
  • ING Capital LLC
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • M&I Marshall & Ilsley Bank (now part of BMO Harris)
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Natixis
  • PNC Bank, National Association
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • SunTrust Bank
  • The Northern Trust Company
  • U.S. AgBank, FCB (now merged with CoBank)
  • U.S. Bank National Association
  • UMB Bank, N.A. (UMB Financial Corporation )
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • CHS, Inc.

Loan desecription

Bank of China contributes $15 million USD to $1.3 billion 364-day syndicated revolving credit facility to CHS Inc. for debt refinancing and working capital purposes in 2010

Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On November 24, 2010, financial close was reached on a deal in which a syndicate of 34 banks — including Bank of China — entered into a $1.3 billion USD syndicated loan agreement with CHS Inc., a Minnesota-based cooperative corporation engaged in agriculture, energy, and food processing. The maturity of the loan was 1 year, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for various purposes, including refinancing existing debt, funding working capital requirements, general corporate purposes, and repaying obligations under a commercial paper facility. While Bank of China contributed $15 million USD to this loan, the following lenders also participated: CoBank, ACB ($127,153,846.13 USD), SunTrust Bank ($82,000,000 USD), U.S. Bank National Association ($76,076,923.08 USD), Bank of Montreal ($82,000,000 USD), Wells Fargo Bank, National Association ($100,846,153.85 USD), Bank of America, National Association ($90,076,923.08 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($82,000,000 USD), Rabobank Nederland ($70,692,307.69 USD), Natixis ($24,769,230.77 USD), Société Générale ($15,000,000 USD), M&I Marshall & Ilsley Bank ($20,000,000 USD), Comerica Bank ($13,076,923.08 USD), ING Capital LLC ($20,000,000 USD), Scotia Bank ($51,076,923.08 USD), PNC Bank ($25,000,000 USD), AgFirst Farm Credit Bank ($21,538,461.54 USD), U.S. AgBank, FCB ($8,076,923.08 USD), AgStar Financial Services, PCA ($8,076,923.08 USD), Farm Credit Services of America, PCA ($12,384,615.38 USD), BNP Paribas ($70,000,000 USD), Credit Agricole Corporate and Investment Bank ($31,230,769.23 USD), HSBC Bank USA N.A. ($30,000,000 USD), The Northern Trust Company ($15,000,000 USD), Hua Nan Commercial Bank, Ltd. ($10,000,000 USD), Farm Credit Services of the Mountain Plains, PCA ($11,846,153.85 USD), FCS Financial, FLCA ($8,076,923.08 USD), The Bank of East Asia, Limited ($10,000,000 USD), Chang Hwa Commercial Bank, Ltd. ($10,000,000 USD), UMB Bank, n.a. ($10,000,000 USD), Mizuho Corporate Bank, Ltd. ($84,000,000 USD), Sumitomo Mitsui Banking Corporation ($40,000,000 USD), and Intesa Sanpaolo S.p.A. ($25,000,000 USD).

Staff comments

1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/823277/000129993310004230/exhibit1.htm 2. CHS Inc. is a diversified global agribusiness cooperative owned by farmers, ranchers, and cooperatives across the United States. The company supplies energy, crop nutrients, grain marketing services, animal feed, food, and food ingredients, and is a leading global agribusiness with operations in over 65 countries. 3. AidData is unable to estimate the margin for the interest for this loan because the consolidated ratio for funded debt to cash flow is unknown. However, the ratio is margin is between 1.55% to 1.625% to LIBOR.