Bank of China contributes to debt rescheduling of $1 billion USD syndicated RCF — via one year maturity extension — to Advance Auto Parts and Advance Stores Company in 2018 (Linked to Record ID#107555)

Project narrative

On January 31, 2017, financial close was reached on a deal in which a syndicate of 16 banks — including Bank of China — entered into a $1,000,000,000 USD syndicated loan agreement with Advance Stores Company, Incorporated, an automotive parts provider and subsidiary of Advance Auto Parts, Inc., one of the largest automotive aftermarket parts retailers in the United States. The loan’s maturity is 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds is for working capital purposes and general corporate purposes only. While Bank of China contributed $35,000,000 USD to this loan (Record ID#107555), the following lenders also participated: Bank of America, N.A. ($107,000,000 USD); JPMorgan Chase Bank, N.A. ($107,000,000 USD); SunTrust Bank ($107,000,000 USD); U.S. Bank N.A. ($107,000,000 USD); Wells Fargo Bank, N.A. ($107,000,000 USD); Branch Banking and Trust Company ($50,000,000 USD); Deutsche Bank AG ($50,000,000 USD); KeyBank National Association ($50,000,000 USD); PNC Bank, National Association ($50,000,000 USD); Royal Bank of Canada ($50,000,000 USD); TD Bank, N.A. ($50,000,000 USD); Fifth Third Bank ($35,000,000 USD); HSBC Bank USA, National Association ($35,000,000 USD); Regions Bank ($35,000,000 USD); Banco Popular de Puerto Rico ($25,000,000 USD). On January 31, 2018, the parties entered into Amendment No. 1 in which they extended the maturity by one year to January 31, 2023. BOC’s contribution to the reschedulig is recorded in Record ID#107556. On January 10, 2019, they entered into Amendment No. 2 in which they altered certain definitions. On November 9, 2021, the company entered into a new loan agreement with banks. There’s no Chinese bank involvement.