Narrative
Full Description
Project narrative
On March 8, 2021, financial close was reached on a deal in which a syndicate of 9 banks — including Bank of China — entered into a $750,000,000 USD syndicated loan agreement with Illumina, Inc., a United States–based biotechnology company specializing in genetic sequencing and array-based solutions — for working capital needs and general corporate purposes. 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 finance its working capital needs and for general corporate purposes. While Bank of China contributed $60,000,000 USD to this loan, the following lenders also participated: Bank of America, N.A. ($112,500,000 USD), Goldman Sachs Bank USA ($112,500,000 USD), Citibank, N.A. ($112,500,000 USD), JPMorgan Chase Bank, N.A. ($112,500,000 USD), BNP Paribas ($60,000,000 USD), Deutsche Bank AG New York Branch ($60,000,000 USD), MUFG Bank, LTD ($60,000,000 USD), and U.S. Bank National Association ($60,000,000 USD).
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1110803/000119312521073186/d110728dex101.htm 2. Illumina, Inc. is an American biotechnology company headquartered in San Diego, California. It develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function. Illumina's technology is used widely in genomics research and clinical applications. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in March 2021 and an applicable margin based on the company's investment-grade credit rating at the time (BBB or 1.1%).