Bank of China contributes $50 million USD to $500 million USD syndicated revolving credit facility to A.O. Smith for working capital and general corporate purposes in 2021 (Linked to Record ID#107635 and #107637)

Project narrative

On April 30, 2012, financial close was reached on a deal in which a syndicate of 8 banks — including Bank of China — entered into a $400,000,000 USD syndicated loan agreement with A.O. Smith Corp — a U.S.-based multinational provider of water heating and water treatment. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds is for working capital and general corporate purposes. Bank of China contributed $30,000,000 USD to this loan (Record ID#107635), while the following lenders also participated: Wells Fargo Bank, National Association ($80,000,000 USD); Bank of America, N.A. ($70,000,000 USD); U.S. Bank National Association ($70,000,000 USD); BMO Harris Bank N.A. ($70,000,000 USD); Comerica Bank ($30,000,000 USD); The Bank of New York Mellon ($30,000,000 USD); and Standard Chartered Bank ($20,000,000 USD). On December 15, 2016, the parties agreed to enter into Amendment No. 1 in which they changed certain definitions. On October 22, 2021, financial close was reached on a deal in which a syndicate of 9 banks — including Bank of China — entered into a $500 million term loan with A.O. Smith Corp — a U.S.-based multinational provider of water heating and water treatment. The loan's maturity is 3 years, and the interest rate was LIBOR plus an applicable margin. The use of proceeds is for working capital and general corporate purposes. While Bank of China contributed $50 million to this loan (Record ID#107636), the following lenders also participated: U.S. Bank National Association ($85 million), Wells Fargo Bank, National Association ($75 million), Bank of America, N.A. ($75 million), BMO Harris Bank N.A. ($75 million), Comerica Bank ($35 million), Standard Chartered Bank ($35 million), Truist Bank ($35 million), and JPMorgan Chase Bank, N.A. ($35 million). On February 23, 2023, the parties entered into a new amendment in which they changed certain definitions.