Bank of China contributes to $4.5 billion USD syndicated loan to Galleria Co. for financing the recapitalization of company and general corporate purposes in 2016 (Linked to Record ID#107458 and #107457)

Project narrative

On January 26, 2016, financial close was reached on a deal in which a syndicate of 37 banks, including Industrial and Commercial Bank of China (ICBC), Bank of China (New York Branch), and Bank of China (Luxembourg) S.A., entered into a $4.5 billion USD syndicated loan agreement with Galleria Co., a Delaware-based company. The loan was structured in multiple tranches, with $2 billion USD allocated to Term A Loans, $1 billion USD to Term B Loans, and $1.5 billion USD in Revolving Credit. The maturity of the RCF and Term Loan A is 5 years, and 7 years for Term Loan B. The interest rate for the Revolving Credit and Term Loan A was LIBOR plus an applicable margin based on the consolidated leverage ratio, and Term Loan B’s interest rate was 3% plus LIBOR. The proceeds of the loan were used to finance the recapitalization of Galleria Co., fund working capital needs, and cover fees, costs, and expenses related to the transaction. Additionally, funds were allocated for general corporate purposes. While ICBC (Record ID#107457) Bank of China (Luxuembourg) S.A. (Record ID#107458) and Bank of China (Record ID#107459) contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Crédit Agricole Corporate and Investment Bank; BNP Paribas; HSBC Bank USA, N.A.; ING Bank N.V., Dublin Branch; Mizuho Bank, Ltd.; Royal Bank of Canada; Deutsche Bank AG New York Branch; The Bank of Nova Scotia; Intesa Sanpaolo S.p.A. – New York Branch; Banco Bilbao Vizcaya Argentaria, S.A. New York Branch; Sumitomo Mitsui Banking Corporation; UniCredit Bank AG, New York Branch; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Landesbank Hessen-Thuringen Girozentrale; TD Bank, N.A.; Morgan Stanley Bank, N.A.; Bank of Montreal; Fifth Third Bank; Santander Bank, N.A.; Standard Chartered Bank; Bayerische Landesbank, New York Branch; Landesbank Baden-Württemberg; Capital One, National Association; Morgan Stanley Senior Funding Inc.; KBC Bank N.V., New York Branch; Crédit Industriel et Commercial – NY Branch; Scotiabank (Ireland) Limited; BMO Harris Bank N.A.; Bank of the West; First Hawaiian Bank; United Bank; and TriState Capital Bank.