Bank of China contributes to $1.25 billion USD syndicated revolving credit facility for working capital purposes to W.W. Grainger in 2020

Project narrative

On February 14, 2020, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into a $1.25 billion USD syndicated revolving credit loan agreement with W.W. Grainger, Inc. — an Illinois-based industrial supply company that distributes products such as motors, lighting, material handling, fasteners, plumbing, tools, and safety supplies. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds was for working capital purposes. The proceeds were used by the borrower for working capital purposes — enabling W.W. Grainger, Inc. to finance its day-to-day operations, including the purchase of inventory and payment of short-term liabilities. While Bank of China contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Citibank, N.A.; U.S. Bank National Association; Wells Fargo Bank, National Association; The Northern Trust Company; Royal Bank of Canada; PNC Bank, National Association; The Toronto-Dominion Bank, New York Branch; Lloyds Bank Corporate Markets PLC; and Banco Bilbao Vizcaya Argentaria, S.A., New York Branch. On August 29, 2022, the company and the lenders entered into an agreement in which they altered certain definitions.