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Overview

ICBC contributes $75 million USD to $2.5 billion USD syndicated revolving credit facility to Johnson Controls for general corporate purposes in 2019

Commitments (Constant USD, 2023)$77,849,062
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•IrelandSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 5, 2019
Last repayment (originally scheduled)
Dec 3, 2024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Barclays Bank PLC
  • Citibank, N.A.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Danske Bank A/S
  • Deutsche Bank AG
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank PLC
  • Toronto-Dominion Bank (TD Bank Group)
  • U.S. Bank National Association
  • UniCredit Bank AG
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Johnson Controls, Inc.

Loan description

2019 syndicated $2.5 billion USD revolving credit facility from ICBC and others to Johnson Controls for general corporate purposes in the United States

Interest rate (t₀)•2.91313%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On December 5, 2019, financial close was reached on a deal in which a syndicate of 18 banks — including ICBC — entered into a $2,500,000,000 USD syndicated loan agreement with Johnson Controls, Inc. — an Ireland-incorporated multinational specializing in building technology, HVAC, and energy solutions. The maturity of the loan was set at several years (exact not specified) and the interest rate was LIBOR plus an applicable margin. The proceeds were used for general corporate purposes, including share repurchases. While ICBC contributed $75,000,000 USD to this loan (Record ID#), the following lenders also participated: JPMorgan Chase Bank, N.A. ($250M), Bank of America ($250M), Barclays ($250M), Citibank ($250M), MUFG Bank ($125M), Credit Agricole CIB ($125M), Deutsche Bank ($125M), ING Bank ($125M), Standard Chartered ($125M), TD Bank ($125M), UniCredit Bank ($125M), U.S. Bank ($125M), Wells Fargo ($125M), BBVA ($75M), BNY Mellon ($75M), Danske Bank ($75M), and Westpac ($75M).

Staff comments

1. The entirety of the 2013 loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/833444/000119312519308301/d838920dex101.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/lqm6uom4bcx1slh7zl2rg/Source_ID_216400.pdf?rlkey=fli6ky4g17gn9yhwkzbro36kr&st=abu2krb2&dl=0 2. Johnson Controls, Inc. is an American-Irish multinational conglomerate headquartered in Cork, Ireland. It produces fire, HVAC, and security equipment for buildings and is also known for its legacy automotive battery and seating businesses. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in December 2019 and an applicable margin based on credit ratings (BBB+ or 1.025%).