ICBC contributes to $1.25 billion USD revolving credit facility to Best Buy Co. for general corporate purposes in 2021 (Linked to Record ID#107473)

Project narrative

On September 19, 2007, financial close was reached on a deal in which a syndicate of multiple banks, including Bank of China (New York Branch), entered into a $2.5 billion USD unsecured revolving credit facility with Best Buy Co., Inc., a Minnesota-based multinational consumer electronics retailer. The loan had a maturity period of five years, terminating in September 2012, and the interest rate was based on LIBOR plus an applicable margin ranging from 0.32% to 0.60%, depending on Best Buy’s credit rating. The proceeds of the loan were used by Best Buy Co., Inc. for general corporate purposes, including working capital, potential acquisitions, and operational expenses. The agreement permitted the facility to be increased up to $3 billion USD with lender consent. While Bank of China (New York Branch) contributed $40 million USD to this loan (Record ID#107468), the following lenders also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; HSBC Bank USA, N.A.; U.S. Bank National Association; Credit Suisse (Cayman Islands Branch); LaSalle Bank National Association; Lehman Commercial Paper Inc.; UBS Loan Finance LLC; Wells Fargo Bank, N.A.; William Street Commitment Corporation; The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago Branch; Citibank, N.A.; Fifth Third Bank; Wachovia Bank, N.A.; Royal Bank of Canada; and The Bank of Nova Scotia. The loan was guaranteed by Best Buy Stores, L.P., BBC Property Co., and BBC Investment Co.. On June 17, 2008, the parties entered into an amendment in which they altered certain definitions. On October 7, 2011, financial close was reached on a deal in which a syndicate of multiple banks, including Bank of China (New York Branch), entered into a $2.5 billion USD revolving credit agreement with Best Buy Co., Inc., a Minnesota-based multinational consumer electronics retailer. The loan was structured into two tranches: a $1.0 billion USD 364-day revolving credit facility and a $1.5 billion USD five-year revolving credit facility. The 364-day facility matured in October 2012, while the five-year facility matured in October 2016. The interest rate was LIBOR plus a margin that varied based on Best Buy’s credit rating. The proceeds of the loan were used by Best Buy Co., Inc. for general corporate purposes, including liquidity management, working capital, and potential acquisitions. While Bank of China (New York Branch) contributed $16 million USD to the 364-day facility (Record ID#107469) and $24 million USD to the five-year facility (Record ID#107470), the following lenders also participated: JPMorgan Chase Bank, N.A.; U.S. Bank National Association; Citibank, N.A.; Compass Bank; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Bank of America, N.A.; Barclays Bank PLC; Credit Suisse AG, Cayman Islands Branch; Goldman Sachs Bank USA; HSBC Bank USA, National Association; Royal Bank of Canada; The Royal Bank of Scotland plc; DnB NOR Bank ASA; Fifth Third Bank; Lloyds TSB Bank plc; UBS AG, Stamford Branch; Morgan Stanley Bank, N.A.; Mizuho Corporate Bank (USA); Standard Chartered Bank; and The Bank of Nova Scotia. The loan was guaranteed by Best Buy Stores, L.P., BBC Property Co., and BBC Investment Co.. On June 27, 2016, financial close was reached on a deal in which a syndicate of 15 banks, including Bank of China (New York Branch) and Industrial and Commercial Bank of China (ICBC) New York Branch, entered into a $1.25 billion USD five-year revolving credit agreement with Best Buy Co., Inc., a Minnesota-based multinational consumer electronics retailer. The loan had a maturity date of June 27, 2021, and the interest rate was LIBOR plus an applicable margin based on Best Buy’s credit rating. The proceeds of the loan were used by Best Buy Co., Inc. for general corporate purposes, including liquidity management and operational expenses. While Bank of China (Record ID#107471) and ICBC (Record ID#107472) participated in this loan, the following lenders also participated: JPMorgan Chase Bank, N.A.; U.S. Bank National Association; Compass Bank; Citibank, N.A.; Bank of America, N.A.; Barclays Bank PLC; Credit Suisse AG, Cayman Islands Branch; Goldman Sachs Bank USA; Royal Bank of Canada; The Royal Bank of Scotland plc; Fifth Third Bank; UBS AG, Stamford Branch; Morgan Stanley Bank, N.A.; and The Bank of Tokyo-Mitsubishi UFJ, Ltd. The loan was guaranteed by Best Buy Stores, L.P., BBC Property Co., and BBC Investment Co. On May 18, 2021, financial close was reached on a deal in which a syndicate of 12 banks, including Industrial and Commercial Bank of China (ICBC) New York Branch and Bank of China (New York Branch), entered into a $1.25 billion USD five-year revolving credit agreement with Best Buy Co., Inc., a Minnesota-based multinational consumer electronics retailer. The loan had a maturity date of May 18, 2026, and the interest rate was LIBOR plus an applicable margin based on Best Buy’s credit rating. The proceeds of the loan were used by Best Buy Co., Inc. for general corporate purposes, including liquidity management and operational expenses. While Bank of China (Record ID#107473) and ICBC (Record ID#107474) participated in this loan, the following lenders also participated: JPMorgan Chase Bank, N.A.; U.S. Bank National Association; Bank of America, N.A.; BBVA USA; Citibank, N.A.; Bank of the West; MUFG Bank, Ltd.; Royal Bank of Canada; Wells Fargo Bank, N.A.; and Goldman Sachs Bank USA. The loan was guaranteed by Best Buy Stores, L.P.; BBC Property Co.; BBC Investment Co.; and BestBuy.com, LLC.