Bank of China participates in debt rescheduling of $1 billion USD syndicated 364-day term loan — via 0.5 year maturity extension — for acquisitions, refinancing and other general corporate purposes in February 2020 (Linked to Record ID#107489 and #107492)

Project narrative

On March 1, 2019, financial close was reached on a deal in which a syndicate of ten banks—including Bank of China—entered into a $1 billion USD syndicated loan agreement with Fortive Corporation, a U.S.-based diversified industrial technology company. The loan's maturity is 364 days, and the interest rate is LIBOR plus an applicable margin. The purpose of the loan is to provide general corporate purposes, including potential acquisitions. The proceeds were used by the borrower for general corporate purposes, which could include acquisitions, refinancing of existing debt, or other business-related activities. While Bank of China contributed $50 million USD to this loan (Record ID#107489), the following lenders also participated: Bank of America ($200 million USD), The Bank of Nova Scotia ($200 million USD), PNC Bank ($150 million USD), Wells Fargo Bank ($150 million USD), HSBC Bank USA ($50 million USD), MUFG Bank ($50 million USD), U.S. Bank ($50 million USD), JPMorgan Chase Bank ($50 million USD), and Sumitomo Mitsui Banking Corporation ($50 million USD). On February 25, 2020, the parties entered into an amendment in which they extended the maturity to August 28, 2020. BOC’s contribution to the rescheduling is captured at Record ID#107491. On April 24, 2020, the parties entered into another amendment in which they extended the maturity againt to May 30, 2021. BOC’s contribution is recorded in Record ID#107492. On January 21, 2021, the borrower repaid the amount outstanding.