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Overview

ICBC contributes $35 million USD to $2.49 billion syndicated loan to Greif Inc and subsidiaries for working capital and acquisition purposes in 2022

Commitments (Constant USD, 2023)$33,072,170
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2022
Last repayment (originally scheduled)
Feb 28, 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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Bank of the West
  • BNP Paribas S.A.
  • Capital One, N.A.
  • Citizens Bank, N.A. (formerly Citizens Bank of Pennsylvania)
  • CoBank, ACB
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Fifth Third Bank
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • Huntington National Bank
  • ING Bank N.V.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • KeyBank National Association
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • PNC Bank, National Association
  • TD Bank, N.A.
  • The Northern Trust Company
  • Truist Bank, N.A.
  • U.S. Bank National Association
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Greif Beheer B.V.
  • Greif International Holding B.V.
  • Greif Packaging LLC
  • Greif, Inc.

Loan description

$2.49 billion syndicated loan to Greif Inc and subsidiaries for working capital and acquisition purposes in 2022

Interest rate (t₀)•2.12249%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On March 1, 2022, financial close was reached on a deal in which a syndicate of 21 banks — including ICBC — entered into a $2.49 billion USD syndicated loan agreement with Greif, Inc., a U.S.-based global leader in industrial packaging products and services, and its subsidiaries Greif Packaging LLC, Greif International Holding B.V., and Greif Beheer B.V. The 2022 Credit Agreement was divided into three facilities: a $1.1 billion USD secured term loan A-1, a $725 million USD multicurrency revolving credit facility, and a $75 million USD U.S. dollar revolving credit facility. The maturity of the loan is 5 years, and the interest rate is SOFR plus an applicable margin. The proceeds were used by the borrower for working capital and acquisition purposes. While ICBC contributed $35 million USD to this loan, the following lenders also participated: Wells Fargo Bank ($133 million USD), JPMorgan Chase Bank ($133 million USD), Bank of America ($133 million USD), MUFG Bank ($133 million USD), U.S. Bank ($133 million USD), TD Bank ($133 million USD), PNC Bank ($96 million USD), Goldman Sachs Bank USA ($96 million USD), Citizens Bank ($96 million USD), Coöperatieve Rabobank ($96 million USD), ING Bank ($96 million USD), BNP Paribas ($96 million USD), HSBC Bank USA ($96 million USD), The Huntington National Bank ($50 million USD), KeyBank ($50 million USD), Truist Bank ($50 million USD), Capital One ($50 million USD), Fifth Third Bank ($50 million USD), Bank of the West ($35 million USD), The Northern Trust Company ($35 million USD), and Cobank, ACB ($590 million USD).

Staff comments

1. The entirety of the 2022 loan contract can be accessed at https://investor.greif.com/static-files/d90f6e16-c5bc-40c7-942d-27e346741da1. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/jm1gujuemrip29mfez8dw/Source_ID_218687.pdf?rlkey=ykt0kh749hru1lfdcsp6oa50f&st=w9rsubm3&dl=0 2. Greif, Inc. is an Ohio-based manufacturing company headquartered in Delaware, Ohio. It specializes in industrial packaging products and services, including steel, plastic, and fiber drums, intermediate bulk containers, and containerboard. It operates globally with facilities in over 35 countries. 3. AidData estimates the interest rate by adding the 6-month average SOFR rate in March 2022 and an applicable margin based on credit ratings (1.5%).