Bank of China provides $40 million USD to $1.25 billion syndicated revolving credit facility to CVS Health Corproation for the acquisition of Caremark Corporation and general corporate purposes in 2007

Project narrative

On March 12, 2007, financial close was reached on a deal in which a syndicate of 24 banks — including Bank of China — entered into a $1,250,000,000 USD syndicated loan agreement with CVS Corporation — a U.S.-based retail pharmacy and health care company — for general corporate purposes and to finance its acquisition of Caremark Corporation. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes and for the strategic acquisition of Caremark Corp., a leading pharmaceutical services company, to expand CVS Corporation's business into the pharmacy benefit management sector. While Bank of China contributed $40,000,000 USD to this loan, the following lenders also participated: The Bank of New York ($110,000,000 USD), Bank of America, N.A. ($110,000,000 USD), Lehman Brothers Bank, FSB ($110,000,000 USD), Morgan Stanley Bank ($110,000,000 USD), Wachovia Bank, National Association ($110,000,000 USD), ABN AMRO Bank N.V. ($55,000,000 USD), KeyBank National Association ($55,000,000 USD), SunTrust Bank ($55,000,000 USD), Branch Banking and Trust Company ($45,000,000 USD), HSBC Bank USA ($45,000,000 USD), Mizuho Corporate Bank, Ltd. ($45,000,000 USD), Sumitomo Mitsui Banking Corp., New York ($45,000,000 USD), US Bank, National Association ($45,000,000 USD), Wells Fargo Bank, National Association ($45,000,000 USD), Sovereign Bank ($40,000,000 USD), Land Bank of Taiwan ($30,000,000 USD), Chang Hwa Commercial Bank Ltd. ($25,000,000 USD), Fifth Third Bank ($25,000,000 USD), National City Bank ($25,000,000 USD), PNC Bank, National Association ($25,000,000 USD), Regions Bank ($25,000,000 USD), The Northern Trust Company ($15,000,000 USD), and Union Bank of California, N.A. ($15,000,000 USD). In 2007, the acquisition of Caremark Corp. by CVS Corporation was completed.