Bank of China contributes $50 million USD to $1 billion USD syndicated revolving credit facility to Corning Incorporated for general corporate purposes in 2013 (Linked to Record ID#107764, #107766, #107767 and #107768)

Project narrative

On December 7, 2010, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China — entered into a $1,000,000,000 USD syndicated loan agreement with Corning Incorporated — a New York-based multinational technology company specializing in glass, ceramics, and related materials, particularly for industrial and scientific applications. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The use of proceeds is unknown. While Bank of China contributed $50,000,000 USD to this loan (Record ID#107764), the following lenders also participated: Citibank, N.A. ($110,000,000 USD), JPMorgan Chase Bank, N.A. ($110,000,000 USD), Bank of America, N.A. ($90,000,000 USD), Barclays Bank PLC ($90,000,000 USD), Deutsche Bank AG New York Branch ($90,000,000 USD), Goldman Sachs Bank USA ($90,000,000 USD), Standard Chartered Bank ($90,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch ($90,000,000 USD), Wells Fargo Bank, National Association ($90,000,000 USD), Sumitomo Mitsui Banking Corporation ($50,000,000 USD), and The Bank of New York Mellon ($50,000,000 USD). On March 13, 2013, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into a $1 billion USD revolving credit facility with Corning Incorporated, a New York-based multinational technology company specializing in glass, ceramics, and optical materials. The loan’s maturity is five years and the interest rate was LIBOR plus an applicable margin. The use of proceeds is unknown. While Bank of China contributed $50 million USD to this loan (Record ID#107765), the following lenders also participated: Bank of America, N.A.; The Bank of New York Mellon; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Barclays Bank PLC; Citibank, N.A.; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; JPMorgan Chase Bank, N.A.; Standard Chartered Bank; Sumitomo Mitsui Banking Corporation; and Wells Fargo Bank, National Association. On September 30, 2014, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China — entered into a $2 billion USD revolving credit facility with Corning Incorporated, a New York-based multinational technology company that specializes in glass, ceramics, and related materials and technologies. The loan’s maturity is 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds is unknown. While Bank of China contributed $67.5 million USD to this loan (Record ID#107766), the following lenders also participated: Bank of America ($210M), The Bank of New York Mellon ($67.5M), The Bank of Tokyo-Mitsubishi UFJ ($170M), Barclays Bank ($115M), Citibank ($210M), Deutsche Bank ($210M), Goldman Sachs Bank ($115M), HSBC ($170M), JPMorgan Chase ($210M), Standard Chartered ($170M), Sumitomo Mitsui Banking Corporation ($170M), and Wells Fargo ($115M). An additional $200 million USD in letter of credit commitments was provided by Citibank and JPMorgan Chase. On August 15, 2018, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into a $1.5 billion USD syndicated loan agreement with Corning Incorporated — a New York-based multinational specializing in specialty glass, ceramics, and related materials, primarily for industrial and scientific applications. The maturity of the loan is five years and the interest rate is LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes of the borrower and its subsidiaries. While Bank of China contributed $66 million USD to this loan (Record ID#107767), the following lenders also participated: JPMorgan Chase Bank, N.A. ($190 million USD), Citibank, N.A. ($190 million USD), Bank of America, N.A. ($190 million USD), Goldman Sachs Bank USA ($114 million USD), HSBC Bank USA, N.A. ($114 million USD), Morgan Stanley Bank, N.A. ($114 million USD), MUFG Bank, Ltd. ($114 million USD), Standard Chartered Bank ($114 million USD), Sumitomo Mitsui Banking Corporation ($114 million USD), Wells Fargo Bank, N.A. ($114 million USD), and The Bank of New York Mellon ($66 million USD). On June 6, 2022, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into a syndicated loan with Corning Incorporated, a New York-based multinational specializing in glass, ceramics, and optical physics. The loan’s maturity is 5 years and the interest rate was Term SOFR plus an applicable margin. The use of proceeds is unknown. While Bank of China contributed $66 million USD to this loan (Record ID#107768), the following lenders also participated: JPMorgan Chase Bank, N.A. ($190 million USD), Bank of America, N.A. ($190 million USD), Citibank, N.A. ($190 million USD), Goldman Sachs Bank USA ($114 million USD), HSBC Bank USA, National Association ($114 million USD), Morgan Stanley Bank, N.A. ($114 million USD), MUFG Bank, Ltd. ($114 million USD), Standard Chartered Bank ($114 million USD), Sumitomo Mitsui Banking Corporation ($114 million USD), Wells Fargo Bank, National Association ($114 million USD), and The Bank of New York Mellon ($66 million USD).