ICBC contributes to debt rescheduling — via 1.33 year maturity extension — to $3.49 billion USD syndicated loan to FleetCor Technologies and subsidiaries for debt refinancing purposes in 2018 (Linked to Record ID#108028, #108027 and #108029)

Project narrative

On October 24, 2014, FleetCor Technologies Operating Company, LLC and other subsidiaries signed into a loan with certain banks. There was no Chinese bank involvement. On August 2, 2017, financial close was reached on a deal in which a syndicate of 56 banks — including the Ne wYork Branch of the Bank of China (BOC) and the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $3.975 billion USD syndicated loan agreement (Third Amendment) with FleetCor Technologies Operating Company, LLC, a Georgia-based subsidiary of FleetCor Technologies, Inc., a global business payments company specializing in fuel cards, lodging discounts, and toll payments. The loan was divided into three revolving tranches (A: $800 million USD, B: $450 million USD, C: $35 million USD) and a $2.69 billion USD Term A loan. The maturity date for Resolving Credit and Term A was on August 2, 2022, The proceeds were used by the borrower to refinance existing indebtedness, finance working capital and capital expenditures, support permitted acquisitions and investments, allow for restricted payments, and for general corporate purposes — provided that all uses were compliant with applicable law and loan documents. BOC contributed $60,000,000 USD (Record ID#108027) and ICBC contributed $500,000,00 USD (Record ID#108028) to the loan syndicate. In addition to BOC and ICBC, the following lenders also participated: Bank of America ($395.38 million USD), PNC Bank ($188.90 million USD), The Bank of Tokyo-Mitsubishi UFJ ($188.90 million USD), Wells Fargo ($165.70 million USD), TD Bank ($125.94 million USD), Regions Bank ($125.94 million USD), Sumitomo Mitsui Banking Corporation ($125.94 million USD), Crédit Agricole ($125.94 million USD), Mizuho Bank ($125.94 million USD), Bank of Nova Scotia ($125.94 million USD), Fifth Third Bank ($125.94 million USD), JPMorgan Chase ($66.28 million USD), Barclays ($100 million USD), Capital One ($66.28 million USD), Royal Bank of Canada ($66.28 million USD), Santander ($49.71 million USD), Huntington Bank ($33.14 million USD), Crédit Industriel Et Commercial ($23.26 million USD), Synovus ($19.88 million USD), Capital Bank ($19.88 million USD), State Bank of India NY ($25.74M), Banco de Sabadell ($25.81 million USD), Taiwan Business Bank ($16.57 million USD), Land Bank of Taiwan ($16.57 million USD), Taiwan Cooperative Bank ($16.57 million USD), Stifel Bank & Trust ($16.50 million USD), Raymond James ($23.39 million USD), Bank of Taiwan ($21.45 million USD), Eastern Bank ($13.26 million USD), CTBC Bank ($13.26 million USD), Hua Nan Commercial Bank ($13.26M), State Bank of India London ($17.16 million USD), First Commercial Bank ($11.37 million USD), Banco De Credito E Inversiones ($16.81 million USD), Chang Hwa Commercial Bank ($9.94 million USD), First Hawaiian Bank ($12.87 million USD), State Bank of India Nassau ($9.21 million USD), Central Pacific Bank ($9 million USD), Bank of the Ozarks ($8.86 million USD), Symphony Asset Management ($7.61 million USD), AZB Funding 7 ($25.95 million USD), MJX Asset Management ($6.65 million USD), Invesco Senior Secured ($4.13 million USD), GSO/Blackstone ($6.90 million USD), BlackRock ($19.25 million USD), Lime Street CLO ($3.59 million USD), Palmer Square Capital ($1.97 million USD), AXA Investment Managers ($42.54 million USD), and BAWAG P.S.K. ($45.45 million USD). This loan was guaranteed by a range of affiliated entities across the FleetCor corporate group, including CFN Holding Co., CLC Group, Inc., Corporate Lodging Consultants, Inc., Crew Transportation Specialists, Inc., Mannatec, Inc., FleetCor Fuel Cards LLC, Pacific Pride Services, LLC, FCHC Holding Company, LLC, Comdata Inc., Comdata TN, Inc., and Comdata Network, Inc. of California. On August 30, 2018, the parties signed into 4th amendment in which they changed certain definitions. On December 19, 2018, the parties signed into 5th amendment in which they extended the maturity date to December 19, 2023. The New York Branch of the Bank of China’s contribution is recorded in Record ID#108029 and the New York Branch of ICBC’s contribution is recorded in Record ID#108030.