China CITIC Bank International contributes $13.5 million USD to $600 million USD syndicated term a-2 loan facility to Seagate Technology and Seagate HDD Cayman for debt refinancing purposes in October 2021 (Linked to Record ID#108054, #108055, #108057, #108056, #108058, #108060 and #108061)

Project narrative

On February 20, 2019, Seagate Technology signed a loan agreement with several banks. There’s no Chinese bank involvement. On January 13, 2021, financial close was reached on a deal in which a syndicate of 12 banks — including ICBC — entered into a $1,725,000,000 USD syndicated loan amendment with Seagate Technology Public Limited Company and Seagate HDD Cayman — a Freemont, California-based data storage company that designs, manufactures, and sells hard disk drives and storage solutions that is domiciled in Ireland — for working capital and other general corporate purposes. The maturity of the loan is 3 years and 1 month (until February 20, 2024), and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to finance working capital needs and other general corporate purposes. While ICBC contributed $125,000,000 USD to this loan (Record ID#108054), the following lenders also participated: The Bank of Nova Scotia ($173,400,000 USD), Bank of America, N.A. ($173,400,000 USD), Morgan Stanley Bank, N.A. ($173,400,000 USD), MUFG Bank, Ltd. ($173,400,000 USD), Wells Fargo Bank, N.A. ($173,400,000 USD), BNP Paribas ($135,000,000 USD), Citibank, N.A. ($125,000,000 USD), DBS Bank Ltd. ($125,000,000 USD), U.S. Bank National Association ($125,000,000 USD), United Overseas Bank Limited, Los Angeles Agency ($125,000,000 USD), and Sumitomo Mitsui Banking Corporation ($98,000,000 USD). On May 18, 2021, the parties signed into 4th amendment in which they altered certain definitions. On October 14, 2021, financial close was reached on a deal in which a syndicate of 17 banks — including ICBC, China CITIC Bank International Limited, and Hua Nan Commercial Bank — entered into a $2,942,000,000 USD syndicated loan amendment with Seagate Technology Holdings Public Limited Company and Seagate HDD Cayman — a Dublin, Ireland–based data storage company that designs, manufactures, and sells hard disk drives and storage solutions — for refinancing existing indebtedness. The loan facility was divided into three tranches: a revolving credit facility with a maturity date of October 14, 2026, a Term Loan A-1 due September 16, 2025, and a Term Loan A-2 due July 30, 2027. The interest rate is LIBOR plus an applicable margin. The proceeds for the term loans were used by the borrower to refinance existing indebtedness while the revolving credit loan was for working capital purposes. While ICBC contributed $115 million USD to the revolving credit (Record ID#108055), $32.5 million to Term Loan A-1 (Record ID#108056), and $32.5 million to Term Loan A-2 (Record ID#108057), China CITIC Bank International Limited contributed $13.5 million USD to Term Loan A-1 (Record ID#108058) and $13.5 million to Term Loan A-2 (Record ID#108059), the following lenders also participated: The Bank of Nova Scotia ($285,000,000 USD), Bank of America, N.A. ($285,000,000 USD), MUFG Bank, Ltd. ($285,000,000 USD), Wells Fargo Bank, N.A. ($285,000,000 USD), BNP Paribas ($160,000,000 USD), Morgan Stanley Bank, N.A. ($160,000,000 USD), Sumitomo Mitsui Banking Corporation ($225,000,000 USD), DBS Bank Ltd. ($215,000,000 USD), Capital One N.A. ($190,000,000 USD), U.S. Bank National Association ($200,000,000 USD), Citibank N.A. ($150,000,000 USD), Oversea-Chinese Banking Corporation Limited ($150,000,000 USD), Barclays Bank PLC – New York Branch ($50,000,000 USD), and State Bank of India, Los Angeles Agency ($30,000,000 USD). On August 18, 2022, Seagate Technology and the same banks signed into 6th amendment in which they added a $600 million Term Loan A-3. The maturity is July 30, 2027 with an interest of SOFR plus an interest margin based on credit ratings. While ICBC contributed $100 million USD to this tranche (Record ID#108060), China CITIC Bank contributed $25 million USD to the tranche (Record ID#108061) On November 8, 2022, the parties entered into the Seventh Amendment to our Credit Agreement to increase the maximum permitted total leverage ratio.