Bank of China contributes $90 million USD to $1.555 billion USD syndicated revolving credit facility to Owen Corning for debt refinancing purposes in 2018 (Linked to Record ID#107771, #107770 and #107773)

Project narrative

On November 13, 2015, financial close was reached on a deal in which a syndicate of 16 banks — including Bank of China — entered into a $800 million USD syndicated loan agreement with Owens Corning and its subsidiaries DUTCH OC COÖPERATIEF U.A. and OC Canada Finance Inc. — an American multinational company based in Toledo, Ohio, that develops and produces insulation, roofing, and fiberglass composites. The maturity of the loan is 5 years and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to refinance existing indebtedness. While Bank of China contributed $25 million USD to this loan (Record ID#107770), the following lenders also participated: Wells Fargo Bank, National Association ($80 million USD); Bank of America, N.A. ($80 million USD); Citibank N.A. ($80 million USD); BNP Paribas ($60 million USD); JPMorgan Chase Bank, N.A. ($60 million USD); The Bank of Nova Scotia ($60 million USD); Branch Banking and Trust Company ($45 million USD); Crédit Agricole Corporate and Investment Bank ($45 million USD); Goldman Sachs Bank USA ($45 million USD); HSBC Bank USA, National Association ($45 million USD); PNC Bank, National Association ($45 million USD); SunTrust Bank ($45 million USD); Fifth Third Bank ($30 million USD); U.S. Bank National Association ($30 million USD); and ICICI Bank Limited New York Branch ($25 million USD). The loan agreement was amended on March 22, 2016, to add a new $300 million USD term loan facility with the same maturity date of November 13, 2020. The new tranche was entered into by the same borrower group and included the following lenders: Bank of China, New York Branch ($25 million USD); Wells Fargo Bank, National Association ($35 million USD); Bank of America, N.A. ($35 million USD); Citibank, N.A. ($35 million USD); PNC Bank, National Association ($27.5 million USD); The Bank of Nova Scotia ($27.5 million USD); Branch Banking and Trust Company ($25 million USD); SunTrust Bank ($25 million USD); U.S. Bank National Association ($25 million USD); HSBC Bank USA, N.A. ($15 million USD); Fifth Third Bank ($15 million USD); and HSBC Bank Canada ($10 million USD). While Bank of China contributed $25 million USD to this loan (Record ID#107771), the following lenders also participated: Wells Fargo, Bank of America, Citibank, PNC, Scotiabank, BB&T, SunTrust, U.S. Bank, HSBC USA, Fifth Third Bank, and HSBC Canada in varying proportions as noted. On May 4, 2018, Owens Corning and its subsidiaries entered into a new $1.555 billion USD revolving credit agreement composed of two tranches: an $800 million USD Dollar Revolving Credit Facility and a $755 million USD Alternative Currency Revolving Credit Facility. The loan matures on May 4, 2023. The same borrower entities participated, and the syndicate included Bank of China, which contributed a total of $90 million USD across both tranches. While Bank of China contributed $90 million USD to this loan (Record ID#107772), the following lenders also participated: Wells Fargo Bank, National Association ($170 million USD); Bank of America, N.A. ($170 million USD); Citibank, N.A. ($170 million USD); BNP Paribas ($116 million USD); Crédit Agricole Corporate and Investment Bank ($116 million USD); JPMorgan Chase Bank, N.A. ($116 million USD); PNC Bank, National Association ($116 million USD); The Bank of Nova Scotia ($116 million USD); Goldman Sachs Bank USA ($90 million USD); HSBC Bank USA, N.A. ($90 million USD); Banco Bradesco S.A., New York Branch ($25 million USD); Danske Bank A/S, Finland Branch ($50 million USD); Fifth Third Bank ($50 million USD); ICICI Bank Limited New York Branch ($50 million USD); and Shinhan Bank New York Branch ($20 million USD). The loan agreement was amended and restated again on July 23, 2021. Owens Corning and its borrowers entered into this renewed credit agreement with a syndicate of 14 banks, including Bank of China, New York Branch. While Bank of China participated in this loan (Record ID#107773), The other participants were Wells Fargo Bank, National Association; Bank of America, N.A.; Citibank, N.A.; BNP Paribas; Crédit Agricole Corporate and Investment Bank; JPMorgan Chase Bank, N.A.; PNC Bank, National Association; The Bank of Nova Scotia; Goldman Sachs Bank USA; HSBC Bank USA, N.A.; Fifth Third Bank, National Association; ING Bank NV, Dublin Branch; and Danske Bank A/S, Finland Branch.