Narrative
Full Description
Project narrative
On May 6, 2011, financial close was reached on a deal in which a syndicate of 34 banks, including Bank of China (New York Branch), entered into a $789.42 million USD revolving loan agreement with Silgan Holdings Inc., Silgan Containers LLC, Silgan Plastics LLC, Silgan Containers Manufacturing Corporation, and Silgan Can Company—all subsidiaries of Silgan Holdings Inc., a Stamford, Connecticut-based manufacturer of rigid packaging for consumer goods. The loan had a maturity period of 5 years, with a maturity date of July 28, 2016, and the interest rate was based on LIBOR plus an applicable margin. The proceeds of the loan were used for general corporate purposes, including liquidity management and operational expansion. While Bank of China (New York Branch) contributed $19.08 million USD to this loan, the following lenders also participated: Deutsche Bank AG New York Branch; Bank of America, Merrill Lynch; Wells Fargo Bank, N.A.; Citibank, N.A.; CoBank, ACB; BNP Paribas; Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. "Rabobank Nederland," New York Branch; The Bank of Nova Scotia; HSBC Bank USA, N.A.; Crédit Agricole Corporate & Investment Bank; Sovereign Bank; Goldman Sachs Bank USA; Sumitomo Mitsui Banking Corporation; Union Bank, N.A.; SunTrust Bank; US Bank, National Association; Mizuho Corporate Bank, Ltd.; RB International Finance (USA) LLC; CIBC Inc.; TD Bank, N.A.; PNC Bank, National Association; The Northern Trust Company; Crédit Industriel et Commercial; First Niagara Bank, N.A.; City National Bank; People's United Bank; DZ Bank AG, Deutsche Zentral-Genossenschaftsbank Frankfurt am Main New York Branch; KBC Bank, N.V.; Webster Bank, NA; Bank Leumi USA; Israel Discount Bank of New York; Hua Nan Commercial Bank Ltd., NY; and Chang Hwa Commercial Bank, Ltd., New York Branch.
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/849869/000119312511206284/dex101.htm and https://www.dropbox.com/scl/fi/g66peztshbwm4ov2taxtx/215295.pdf?rlkey=3jcpoclgceko51ivh4tgncc0y&st=ceemzyn2&dl=0 2. Silgan Holdings Inc. and its subsidiaries—Silgan Containers LLC, Silgan Plastics LLC, Silgan Containers Manufacturing Corporation, and Silgan Can Company—are leading manufacturers of rigid packaging for consumer goods. Headquartered in Stamford, Connecticut, Silgan specializes in metal containers, plastic packaging, and closure systems for the food, beverage, and consumer goods industries. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in May 2011 and an applicable margin based on the company's credit rating at the time (1.5%)