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Overview

ICBC contributes $50 million USD to $800 million USD to Goldman Sachs Middle Market Lending Corp for general corporate purposes in 2018

Commitments (Constant USD, 2023)$50,314,815
Commitment Year•2018Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 6, 2018
Last repayment (originally scheduled)
Sep 13, 2021

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • BMO Financial Group (Bank of Montreal)
  • Citibank, N.A.
  • HSBC Bank USA, N.A.
  • ING Capital LLC
  • Morgan Stanley Bank, N.A.
  • Signature Bank
  • State Street Bank and Trust Company (State Street Global Services)
  • SunTrust Bank

Receiving agencies

Private Sector

  • Goldman Sachs Middle Market Lending Corp.

Loan description

ICBC contributes to $800 million USD to Goldman Sachs Middle Market Lending Corp for general corporate purposes in 2018

Interest type•Variable Interest RateMaturity•3.44 years

Narrative

Full Description

Project narrative

On September 11, 2017, Goldman Sachs Middle Market Lending Corp. closed a financial deal of $500 million USD with six banks: Suntrust Bank, Bank of America, State Street Bank and Trust Company, Morgan Stanley Senior Funding, Inc., HSBC Bank USA and Citibank, N.A. The use of proceeds are for general corporate purposes. The maturity is September 13, 2021, and the interest rate is LIBOR plus applicable margin (if the borrowing base is greater than or equal to the product of 1.85 and combined debt amount, the margin would be 2%, otherwise 2.25%). On April 6, 2018, ICBC signed on to the joinder’s agreement and contributed $50 million USD. Signature Bank, ING Capital LLC and Bank of Montreal also joined. In total, the commitment has been increased to $800 million USD.

Staff comments

1. The 2018 joinder agreements can be directly accessed at https://contracts.justia.com/companies/goldman-sachs-middle-market-lending-corp-5638/contract/303084/. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/qu9k45zktc3uev7y9619w/Source_ID_216620.pdf?rlkey=n4jvnhptj4zt2rcn1sypnh9h9&st=br82shqz&dl=0 2. Goldman Sachs Middle Market Lending Corp. (GS MMLC) is a business development company (BDC) formed to provide debt financing solutions primarily to U.S.-based middle-market companies. 3. AidData cannot estimate the exact interest rate because it does not have access to the borrowing base. However, it is known that the interest will flow between LIBOR + 2% to LIBOR +2.25%.