ICBC contributes $75 million USD to $1.5 billion syndicated loan agreement to KFC Holding, Taco Bell of America and Pizza Hut Holding for general corporate purposes in 2018 (Linked to Record ID#107779, #107780 and #107782)

Project narrative

On June 16, 2016, financial close was reached on a deal in which a syndicate of 18 banks — including ICBC and China Merchants Bank — entered into a $1.5 billion USD syndicated loan agreement with KFC Holding Co., Pizza Hut Holdings, LLC, and Taco Bell of America, LLC — American fast food subsidiaries formerly owned by Yum! Brands, based in Louisville, Kentucky. The agreement included a $500 million USD Term A facility and a $1 billion USD revolving credit facility. The maturity of the loan is 5 years and the interest rate is LIBOR plus an applicable margin. The use of proceeds was to refinance existing debt and for general corporate purposes. While ICBC (Record ID#107779) and China Merchants Bank each contributed $75 million USD to this loan (Record ID#107780), the following lenders also participated: JPMorgan Chase Bank, N.A. ($142.5 million USD); Goldman Sachs Bank USA ($142.5 million USD); Citibank, N.A. ($142.5 million USD); Wells Fargo Bank, National Association ($142.5 million USD); Fifth Third Bank ($90 million USD); Bank of America, N.A. ($90 million USD); Morgan Stanley Bank, N.A. ($90 million USD); The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($90 million USD); Barclays Bank PLC ($75 million USD); Coöperatieve Rabobank U.A., New York Branch ($75 million USD); The Bank of Nova Scotia ($75 million USD); U.S. Bank National Association ($50 million USD); ING Capital LLC ($50 million USD); PNC Bank, National Association ($50 million USD); Banco Popular de Puerto Rico, New York Branch ($10 million USD); Banco Popular North America (Popular Community Bank) ($10 million USD); and The Northern Trust Company ($25 million USD). On April 3, 2018, the borrowers and the banks signed a refinancing agreement for another five years. The transaction amounts remain unchanged. ICBC (Record ID#107781) and China Merchants Bank (Record ID#107781) contributed $75 million USD each to the loan.