Bank of China contributes $180 million USD to $3.5 billion USD syndicated revolving credit facility to Waste Management and its subsidiary for general corporate purposes in 2022 (Linked to Record ID#108014)

Project narrative

On November 7, 2019, financial close was reached on a deal in which a syndicate of 20 banks — including the Ne wYork Branch of the Bank of China (BOC) — entered into a $3,500,000,000 USD syndicated loan agreement with Waste Management, Inc., Waste Management of Canada Corporation, WM Quebec Inc., and Waste Management Holdings, Inc. — a North American-based provider of comprehensive waste management environmental services — for general corporate purposes. The maturity of the loan was 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers for general corporate purposes, to provide working capital, to provide letters of credit, and as an extension and continuation of the indebtedness of the company and its subsidiaries under an existing credit agreement. BOC contributed $145,000,000 USD to this loan (Record ID#108104) and the following lenders also participated: Bank of America, N.A. ($260,000,000 USD), JPMorgan Chase Bank, N.A. ($260,000,000 USD), Barclays Bank PLC ($260,000,000 USD), Mizuho Bank, Ltd. ($260,000,000 USD), The Bank of Nova Scotia ($260,000,000 USD), BNP Paribas ($190,000,000 USD), Citibank, N.A. ($190,000,000 USD), Deutsche Bank AG, New York Branch ($190,000,000 USD), MUFG Bank, Ltd. ($190,000,000 USD), PNC Bank, National Association ($190,000,000 USD), Sumitomo Mitsui Banking Corporation ($190,000,000 USD), U.S. Bank, National Association ($190,000,000 USD), Wells Fargo Bank, National Association ($190,000,000 USD), Branch Banking and Trust Company ($145,000,000 USD), Credit Suisse AG, Cayman Islands Branch ($145,000,000 USD), Goldman Sachs Bank USA ($145,000,000 USD), Comerica Bank ($50,000,000 USD), and The Bank of New York Mellon ($50,000,000 USD). On May 27, 2022, financial close was reached on a deal in which a syndicate of 18 banks — including the New York Branch of BOC — entered into a $3,000,000,000 USD syndicated loan agreement with Waste Management, Inc., Waste Management of Canada Corporation, WM Quebec Inc., and Waste Management Holdings, Inc. — a North American-based provider of comprehensive waste management and environmental services — for general corporate purposes. The maturity of the loan was 5 years and the interest rate was SOFR plus an applicable margin. The proceeds were used by the borrowers for general corporate purposes, to provide working capital, to issue letters of credit, and to extend and continue indebtedness under an existing credit agreement. BOC contributed $180,000,000 USD to this loan (Record ID#108105) and the following lenders also participated: Bank of America, N.A. ($268,000,000 USD), JPMorgan Chase Bank, N.A. ($268,000,000 USD), Barclays Bank PLC ($268,000,000 USD), Mizuho Bank, Ltd. ($268,000,000 USD), The Bank of Nova Scotia ($268,000,000 USD), BNP Paribas ($180,000,000 USD), Credit Suisse AG, New York Branch ($180,000,000 USD), Deutsche Bank AG, New York Branch ($180,000,000 USD), Goldman Sachs Bank USA ($180,000,000 USD), MUFG Bank, Ltd. ($180,000,000 USD), PNC Bank, National Association ($180,000,000 USD), Royal Bank of Canada ($180,000,000 USD), Sumitomo Mitsui Banking Corporation ($180,000,000 USD), Truist Bank ($180,000,000 USD), U.S. Bank National Association ($180,000,000 USD), and Wells Fargo Bank, National Association ($180,000,000 USD).