ICBC contributes to $2 billion USD syndicated revolving credit facility to CVS Health Corporation for general corporate purposes in 2019 (Linked to Record ID#108075 and #108076)

Project narrative

On July 1, 2015, financial close was reached on a deal in which a syndicate of 21 banks — including the New York Branch of the Bank of China (BOC) — entered into a $1,250,000,000 USD syndicated loan agreement with CVS Health Corporation — a U.S.-based retail pharmacy and healthcare company — for general corporate purposes. The maturity of the loan was five years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, allowing CVS Health Corporation to enhance its operational flexibility, refinance existing obligations, and support its ongoing business expansion strategy. In addition to BOC (Record ID#108075), the following lenders also participated: The Bank of New York Mellon, Bank of America, N.A., Wells Fargo Bank, N.A., Barclays Bank PLC, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Royal Bank of Canada, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank National Association, Fifth Third Bank, KeyBank National Association, PNC Bank, National Association, Santander Bank N.A., Sumitomo Mitsui Banking Corporation, Branch Banking and Trust Company, TD Bank, N.A., Capital One N.A., and Regions Bank. On December 15, 2017, the agreement was amended through a first amendment, which altered certain definitions. On May 16, 2019, financial close was reached on a deal in which a syndicate of 21 banks — including the New York Branch of BOC and the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $2,000,000,000 USD syndicated loan agreement with CVS Health Corporation — a U.S.-based retail pharmacy and healthcare company — for general corporate purposes. The maturity of the loan was five years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, supporting CVS Health Corporation’s working capital needs, refinancing existing indebtedness, and providing financial flexibility for future business operations. In addition to BOC (Record ID#108076) and ICBC (Record ID#108077), the following lenders also participated: Bank of America, N.A., Barclays Bank PLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Mizuho Bank, Ltd., MUFG Bank, Ltd., Royal Bank of Canada, SunTrust Bank, U.S. Bank National Association, Credit Suisse AG, Cayman Islands Branch, Fifth Third Bank, PNC Bank, National Association, Santander Bank N.A., Sumitomo Mitsui Banking Corporation, KeyBank National Association, TD Bank, N.A., and The Bank of New York Mellon. On May 16, 2022, the parties entered into a first amendment to the agreement, which changed certain definitions of the loan.