ICBC contributes $12 million USD to $4 billion 364-day bridge loan facility to CVS Health Corporation for the acquisition of Aetna in 2017 (Linked to Record ID#108086, #108087 and #108085)

Project narrative

On December 3, 2017, CVS Health Corporation and a few banks signed a bridge loan agreement. There's no Chinese bank involvement. On December 15, 2017, financial close was reached on a joinder deal in which a syndicate of 22 banks — including Bank of China and ICBC — entered into a $44,000,000,000 USD bridge loan agreement with CVS Health Corporation — a U.S.-based retail pharmacy and healthcare company — for the acquisition of Aetna Inc., a major American health insurance provider. The maturity of the loan is 364 days, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower to temporarily finance the acquisition of Aetna Inc., providing CVS Health Corporation with immediate liquidity pending the permanent financing and integration of Aetna into its business operations. While Bank of China contributed $132,000,000 USD (Record ID#108085) and ICBC contributed $132,000,000 USD to this bridge facility (Record ID#108086), the following lenders also participated: Barclays Bank PLC ($12,100,000,000 USD), Goldman Sachs Bank USA ($2,750,000,000 USD), Goldman Sachs Lending Partners LLC ($9,350,000,000 USD), Bank of America, N.A. ($5,445,000,000 USD), Merrill Lynch, Pierce, Fenner & Smith Incorporated ($0 USD, Joint Lead Arranger and Joint Bookrunner), JPMorgan Chase Bank, N.A. ($3,522,000,000 USD), Wells Fargo Bank, N.A. ($3,522,000,000 USD), The Bank of New York Mellon ($840,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($840,000,000 USD), Mizuho Bank, Ltd. ($840,000,000 USD), Royal Bank of Canada ($840,000,000 USD), SunTrust Bank ($840,000,000 USD), U.S. Bank National Association ($840,000,000 USD), Fifth Third Bank ($355,000,000 USD), KeyBank National Association ($355,000,000 USD), PNC Bank, National Association ($355,000,000 USD), Banco Santander, S.A., New York Branch ($355,000,000 USD), Sumitomo Mitsui Banking Corporation ($355,000,000 USD), The Toronto-Dominion Bank, New York Branch ($132,000,000 USD), and Guggenheim Life and Annuity Company ($100,000,000 USD). On October 26, 2018, financial close was reached on a deal in which a syndicate of 21 banks — including Bank of China and ICBC — entered into a $4,000,000,000 USD bridge loan agreement with CVS Health Corporation — a U.S.-based retail pharmacy and healthcare company — for the acquisition of Aetna Inc., a major American health insurance company. The maturity of the loan is 364 days and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower to provide short-term financing for the strategic acquisition of Aetna Inc., enabling CVS Health Corporation to finalize the acquisition process and integrate Aetna’s insurance capabilities with its retail pharmacy operations. While Bank of China contributed $12,000,000 USD (Record ID#108087) and ICBC contributed $12,000,000 USD to this bridge loan (Record ID#108088), the following lenders also participated: Barclays Bank PLC ($1,100,000,000.04 USD), Goldman Sachs Bank USA ($250,000,000.00 USD), Goldman Sachs Lending Partners LLC ($850,000,000.00 USD), Bank of America, N.A. ($495,000,000.00 USD), JPMorgan Chase Bank, N.A. ($320,181,818.18 USD), Wells Fargo Bank, N.A. ($320,181,818.18 USD), MUFG Bank, Ltd. ($76,363,636.36 USD), Mizuho Bank, Ltd. ($76,363,636.36 USD), Royal Bank of Canada ($76,363,636.36 USD), SunTrust Bank ($76,363,636.36 USD), U.S. Bank National Association ($76,363,636.36 USD), The Bank of New York Mellon ($76,363,636.36 USD), Fifth Third Bank ($32,272,727.27 USD), KeyBank National Association ($32,272,727.27 USD), PNC Bank, National Association ($32,272,727.27 USD), Banco Santander, S.A., New York Branch ($32,272,727.27 USD), Sumitomo Mitsui Banking Corporation ($32,272,727.27 USD), The Toronto-Dominion Bank New York Branch ($12,000,000.00 USD), and Guggenheim Life and Annuity Company ($9,090,909.09 USD).