Narrative
Full Description
Project narrative
On May 15, 2020, financial close was reached on a deal in which China Construction Bank Corporation entered into a $200,000,000 USD bilateral loan agreement with International Flavors & Fragrances Inc. — a U.S.-based company specializing in the production of flavors, fragrances, and cosmetic actives — for the partial refinancing of its 2020 Notes. The maturity of the loan is 2 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower to finance, in part, the redemption, purchase, or defeasance of its outstanding 2020 Notes, and to pay related fees and expenses associated with the refinancing transaction. On August 25, 2020, the parties entered into an amendment in which they altered certain definitions.
Staff comments
1. The original loan agreement text can be accessed at https://www.sec.gov/Archives/edgar/data/51253/000119312520148682/d933138dex101.htm. The dropbox link is available here: https://www.dropbox.com/scl/fi/iu4h4v2ynf48rawi5o4vp/Source_ID_218229.pdf?rlkey=vzc0lkrfvbcrkui5oobj5z3xi&st=hcn88l9y&dl=0 2. International Flavors & Fragrances Inc. (IFF) is an American corporation headquartered in New York City, New York. It produces flavors, fragrances, and cosmetic actives used in a wide variety of consumer products such as food, beverages, personal care products, and household goods. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in May 2020 and an applicable margin based on credit ratings (BBB rating or 1.725% margin).