ICBC contributes $7.87 million CAD to $500 million CAD tranches syndicated loan facility to Aecom Technology Corporation and US Star for debt refinancing purposes in 2018 (Linked to Record ID#107345, #107346 and #107348)

Project narrative

On June 7, 2013, financial close was reached on a deal in which a syndicate of 30 banks—including Bank of Communications—entered into a $750 million USD syndicated loan agreement with AECOM Technology Corporation, a Los Angeles, California-based infrastructure consulting firm. The loan’s maturity is five years, with an interest rate of LIBOR plus an applicable margin of 1.50%. The proceeds were used by the borrower to refinance existing debt, including $675 million USD to repay indebtedness under its prior term loan facility, approximately $72 million USD to pay down its revolving credit facility and other short-term debts, and a portion allocated to fees and expenses related to the loan. While Bank of Communications contributed $20 million USD in this loan (Record ID#107345), the following lenders also contributed: Bank of America, N.A.; Union Bank, N.A.; Wells Fargo Bank, N.A.; HSBC Bank USA, N.A.; Compass Bank; Bank of Taiwan; BNP Paribas; Branch Banking and Trust Company; Cathay United Bank, Ltd.; Chang Hwa Commercial Bank, Ltd.; Comerica Bank; E. Sun Commercial Bank, Ltd.; Far East National Bank; First Commercial Bank; First Hawaiian Bank; Hua Nan Commercial Bank; JPMorgan Chase Bank, N.A.; KeyBank National Association; Mega International Commercial Bank Co., Ltd.; State Bank of India (California); Taiwan Business Bank; Taiwan Cooperative Bank; The Bank of East Asia, Limited; The Bank of Nova Scotia; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; The Chiba Bank, Ltd.; The Northern Trust Company; United Overseas Bank Limited; and U.S. Bank National Association. In 2014, the parties entered into a new credit agreement that replaced the 2013 credit agreement. Initially, there was no Chinese bank participation. Between 2014 and 2018, the parties entered into multiple amendments to alter definitions. On March 13, 2018, financial close was reached on an amendment to a syndicated loan agreement in which a syndicate of 37 banks—including ICBC—entered into a $1.35 billion USD loan agreement with AECOM, a Dallas, Texas-based infrastructure consulting firm. The loan’s maturity varied across different tranches, with the $510 million USD term loan A facility maturing in March 2021, and the $500 million CAD and $250 million AUD term loan A facilities maturing in March 2023. Additionally, a new $600 million USD term loan B facility was issued to institutional investors, maturing in March 2025. The interest rate was set at LIBOR plus an applicable margin ranging from 1.25% to 2.00%, depending on AECOM’s consolidated leverage ratio. The proceeds were used by the borrower to refinance existing debt, including replacing and extending the maturity of its prior credit facilities. While ICBC contributed $21 million USD to the revolving credit and 7,777,777.79 million USD to the US Term A loan facility (Record ID#107346) and 7,874,950.22 CAD to the Canadian Term A facility (Record ID#107347), the following lenders also participated: Bank of America, N.A.; JPMorgan Chase Bank, N.A.; The Bank of Nova Scotia; BNP Paribas; Crédit Agricole Corporate and Investment Bank; BMO Harris Bank, N.A.; Capital One, N.A.; Citibank, N.A.; Compass Bank; Fifth Third Bank; HSBC Bank USA, N.A.; HSBC Bank Canada; The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch; Mizuho Bank, Ltd.; MUFG Union Bank, N.A.; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; SunTrust Bank; TD Bank, N.A.; Wells Fargo Bank, National Association; Sumitomo Mitsui Banking Corporation; The Governor and Company of The Bank of Ireland; PNC Bank, National Association; U.S. Bank National Association; Barclays Bank plc; ZB, N.A. d/b/a California Bank & Trust; Lloyds Bank plc; Morgan Stanley Bank, N.A.; Crédit Industriel et Commercial, New York Branch; Raymond James Bank; First Midwest Bank; Banco de Sabadell, S.A.-Miami Branch; Mega International Commercial Bank Co., Ltd., New York Branch; State Bank of India (California); Cathay Bank; E. Sun Commercial Bank, Ltd., Los Angeles Branch; and BOKF, N.A. Between 2018 and 2021, the parties entered many amendments that changed the definitions. On February 8, 2021, financial close was reached on a $1.397 billion USD syndicated loan agreement in which a syndicate of 20 banks—including ICBC—entered into a refinancing arrangement with AECOM, a Dallas, Texas-based infrastructure consulting firm. The loan included a $1.15 billion USD revolving credit facility and a $246.97 million USD Term A Loan Facility. The interest rate was set at LIBOR plus an applicable margin, depending on AECOM’s leverage ratio. The proceeds were used to refinance existing debt, replace and extend the maturity of prior credit facilities, and provide AECOM with additional financial flexibility. While ICBC contributed $60 million USD to this loan (Record ID#107348), the following lenders also participated: Bank of America, N.A.; JPMorgan Chase Bank, N.A.; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Fifth Third Bank, National Association; Truist Bank; BMO Harris Bank, N.A.; HSBC Bank USA, National Association; MUFG Bank, Ltd.; TD Bank, N.A.; U.S. Bank National Association; Capital One, National Association; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; PNC Bank, National Association; Wells Fargo Bank, National Association; The Governor and Company of The Bank of Ireland; Zions Bancorporation, N.A. d/b/a California Bank & Trust; Goldman Sachs Bank USA; and First Abu Dhabi Bank USA N.V. There have been many amendments that changed the definitions. On May 23, 2023, the parties changed the reference rate to SOFR.