ICBC contributes to $2 billion USD syndicated revolving credit facility to CVS Health Corporation for general corporate purposes (Linked to Record ID#108091)

Project narrative

On May 11, 2021, 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) and the New York Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a $2,000,000,000 USD syndicated revolving credit facility (RCF) agreement with CVS Health Corporation — a U.S.-based retail pharmacy and healthcare company — for general corporate purposes. The maturity of the facility was five years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, providing CVS Health Corporation with flexible liquidity support for its operational needs, refinancing obligations, and general business investments. In addition to BOC (Record ID#108091) and ICBC (Record ID#108092), the following lenders also contributed to the RCF: 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, Truist Bank, U.S. Bank National Association, Credit Suisse AG, New York Branch, Fifth Third Bank, National Association, 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.