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Overview

Bank of China contributes $87.5 million USD to $3.5 billion USD incremental syndicated loan to CBRE and CBRE Services for general corporate in 2022

Commitments (Constant USD, 2023)$82,680,424
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 5, 2022
Last repayment (originally scheduled)
Aug 4, 2027

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Bank of Nova Scotia (Scotiabank)
  • Barclays Bank PLC
  • Capital One, N.A.
  • Citibank, N.A.
  • Comerica Bank
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • ING Bank N.V.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • PNC Bank, National Association
  • U.S. Bank National Association
  • Wells Fargo Bank N.A.

State-owned Banks

  • National Westminster Bank Plc (NatWest)

Receiving agencies

Private Sector

  • CBRE Group, Inc.
  • CBRE Services, Inc.

Loan description

2022 Bank of China contributions to $3.5 billion USD incremental syndicated loan to CBRE and CBRE Services for general corporate

Interest rate (t₀)•4.30057%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On August 5, 2022, financial close was reached on a deal in which a syndicate of 18 banks — including Bank of China — entered into a $3.5 billion USD syndicated loan agreement with CBRE Group, Inc. and its wholly owned subsidiary CBRE Services, Inc., a multinational real estate and investment services firm headquartered in the United States. The loan is structured as a 5-year senior unsecured revolving credit facility. The interest rate was not specified but would typically be benchmarked to a reference rate such as SOFR plus a margin. The use of proceeds was for general corporate purposes. While Bank of China contributed $87,500,000 USD to this loan, the following lenders also participated: Wells Fargo Bank, N.A., Bank of America, N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., National Westminster Bank plc, The Bank of Nova Scotia, Citibank, N.A., ING Bank N.V. (Dublin Branch), Morgan Stanley Bank, N.A., Standard Chartered Bank, U.S. Bank N.A., Goldman Sachs Bank USA, Australia and New Zealand Banking Group Limited, Barclays Bank PLC, Capital One, N.A., Comerica Bank, and PNC Bank, N.A.

Staff comments

1. The entirety of the loan contract can be accessed at https://ir.cbre.com/financial-reports/sec-filings/content/0001193125-22-214998/0001193125-22-214998.pdf. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/f6ifqcxl95nt6a1zkt125/Source_ID_218543.pdf?rlkey=pqm0twh08svf1ny50h4494szv&st=zxbkvoab&dl=0 2. CBRE Group, Inc. (an initialism of Coldwell Banker Richard Ellis) is an American commercial real estate services and investment firm with corporate headquarters in Dallas, Texas and global financial headquarters at Lever House in Midtown Manhattan. It is the world's largest commercial real estate services and investment firm (based on 2022 revenue) 3. AidData estimates the interest rate by adding the 6-month average SOFR rate in August 2022 and the applicable margin to the revolving credit facility based on credit ratings (BBB+ or 0.875%).