ICBC Europe contributes $25 million USD to $1 billion USD syndicated revolving credit facility to International Flavors & Fragrances for general corporate purposes in 2018 (Linked to Record ID#108096 and 108098)

Project narrative

On December 2, 2016, financial close was reached on a deal in which a syndicate of 15 banks — including ICBC (Industrial and Commercial Bank of China) — entered into a $950 million USD and €50,000,000 EUR syndicated loan agreement with International Flavors & Fragrances Inc. — a New York-based American producer of sweets, nutrition, scent — and its subsidiaries — International Flavors & Fragrances (Luxembourg) S.à.r.l., International Flavors & Fragrances (Nederland) Holding B.V., International Flavors & Fragrances I.F.F. (Nederland) B.V., and International Flavors & Fragrances (Greater Asia) Pte. Ltd. — for general corporate purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers to support their general corporate activities, enhance financial flexibility, and fund international operations across multiple subsidiaries. While ICBC (Europe) S.A., Amsterdam Branch contributed $25 million to the loan (Record ID#108096), the following lenders also participated: Citibank, N.A. ($62,500,000 USD and $25,000,000 USD), Citibank, N.A., London Branch (€50,000,000 EUR), BNP Paribas ($62,500,000 USD), BNP Paribas Fortis S.A./N.V. ($62,500,000 USD), JPMorgan Chase Bank, N.A. ($62,500,000 USD and $62,500,000 USD), Morgan Stanley Bank, N.A. ($78,125,000 USD), Citizens Bank, N.A. ($75,000,000 USD), ING Bank N.V. Dublin Branch ($37,500,000 USD and $37,500,000 USD), U.S. Bank National Association ($37,500,000 USD and $37,500,000 USD), Wells Fargo Bank, National Association ($37,500,000 USD and $37,500,000 USD), HSBC Bank USA, National Association ($25,000,000 USD and $25,000,000 USD), Standard Chartered Bank ($25,000,000 USD and $25,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($23,437,500 USD and $23,437,500 USD), and CoBank, ACB ($25,000,000 USD). On June 6, 2018, financial close was reached on a deal in which a syndicate of 15 banks — including ICBC (Industrial and Commercial Bank of China) — entered into a $1,000,000,000 USD and €50,000,000 EUR syndicated loan agreement with International Flavors & Fragrances Inc. — a New York-based American producer of sweets, nutrition, scent —and its subsidiaries — International Flavors & Fragrances (Luxembourg) S.à.r.l., International Flavors & Fragrances (Nederland) Holding B.V., International Flavors & Fragrances I.F.F. (Nederland) B.V., and International Flavors & Fragrances (Greater Asia) Pte. Ltd. — for general corporate purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers to support their general corporate activities, provide liquidity for international operations, and enhance financial flexibility as part of IFF’s global growth strategy. While ICBC (Europe) S.A., Amsterdam Branch contributed $25,000,000 USD to the loan (Record ID#108097), the following lenders also participated: Citibank, N.A. ($67,500,000 USD and $25,000,000 USD), Citibank, N.A., London Branch (€50,000,000 EUR), BNP Paribas ($67,500,000 USD), BNP Paribas Fortis S.A./N.V. ($67,500,000 USD), JPMorgan Chase Bank, N.A. ($67,500,000 USD and $67,500,000 USD), Morgan Stanley Bank, N.A. ($67,500,000 USD), Citizens Bank, N.A. ($77,500,000 USD), ING Bank N.V., Dublin Branch ($38,750,000 USD and $38,750,000 USD), U.S. Bank National Association ($38,750,000 USD and $38,750,000 USD), Wells Fargo Bank, N.A. ($38,750,000 USD and $38,750,000 USD), HSBC Bank USA, National Association ($25,000,000 USD and $25,000,000 USD), Standard Chartered Bank ($25,000,000 USD and $25,000,000 USD), MUFG Bank, Ltd. ($33,750,000 USD and $33,750,000 USD), and CoBank, ACB ($25,000,000 USD). On August 25, 2020, financial close was reached on a deal in which a syndicate of 18 banks — including China Construction Bank Corporation, New York Branch — entered into a $2,000,000,000 USD syndicated loan agreement with International Flavors & Fragrances Inc. and its subsidiaries — International Flavors & Fragrances (Nederland) Holding B.V. and International Flavors & Fragrances I.F.F. (Nederland) B.V. — for general corporate purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers to support general corporate activities, refinance existing obligations, and strengthen liquidity during an expansion phase marked by international operations and M&A activities. While China Construction Bank Corporation contributed $30,000,000 USD to this loan (Record ID#108098), the following lenders also participated: Citibank, N.A. ($185,000,000 USD), Morgan Stanley Bank, N.A. ($135,000,000 USD), Morgan Stanley Senior Funding, Inc. ($50,000,000 USD), BNP Paribas ($92,500,000 USD), BNP Paribas Fortis SA/NV ($92,500,000 USD), Credit Suisse AG, Cayman Islands Branch ($185,000,000 USD), JPMorgan Chase Bank, N.A. ($185,000,000 USD), Bank of America, N.A. ($102,500,000 USD), Barclays Bank PLC ($102,500,000 USD), CoBank, ACB ($102,500,000 USD), ING Bank N.V., Dublin Branch ($102,500,000 USD), Mizuho Bank, Ltd. ($102,500,000 USD), MUFG Bank, Ltd. ($102,500,000 USD), Sumitomo Mitsui Banking Corporation ($102,500,000 USD), U.S. Bank National Association ($102,500,000 USD), Wells Fargo Bank, National Association ($102,500,000 USD), HSBC Bank USA, National Association ($61,250,000 USD), and Standard Chartered Bank ($61,250,000 USD). On July 28, 2021, financial close was reached on a deal in which a syndicate of 19 banks — including China Construction Bank Corporation, New York Branch — entered into a $2,000,000,000 USD syndicated loan agreement with International Flavors & Fragrances Inc. and its subsidiaries — International Flavors & Fragrances (Nederland) Holding B.V. and International Flavors & Fragrances I.F.F. (Nederland) B.V. — for general corporate purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers to support general corporate activities, refinance certain indebtedness, and enhance liquidity for strategic business operations and future expansion efforts. While China Construction Bank Corporation contributed $61,250,000 USD to this loan (Record ID#108081), the following lenders also participated: Citibank, N.A. ($187,000,000 USD), Bank of America, N.A. ($187,000,000 USD), BNP Paribas ($93,500,000 USD), BNP Paribas Fortis SA/NV ($93,500,000 USD), JPMorgan Chase Bank, N.A. ($187,000,000 USD), Morgan Stanley Bank, N.A. ($137,000,000 USD), Morgan Stanley Senior Funding, Inc. ($50,000,000 USD), Barclays Bank PLC ($102,500,000 USD), CoBank, ACB ($102,500,000 USD), ING Bank N.V., Dublin Branch ($102,500,000 USD), Mizuho Bank, Ltd. ($102,500,000 USD), MUFG Bank, Ltd. ($102,500,000 USD), Sumitomo Mitsui Banking Corporation ($102,500,000 USD), U.S. Bank National Association ($102,500,000 USD), Wells Fargo Bank, National Association ($102,500,000 USD), Deutsche Bank AG, New York Branch ($61,250,000 USD), HSBC Bank USA, National Association ($61,250,000 USD), and Standard Chartered Bank ($61,250,000 USD).