Bank of China contributes to $200 million USD syndicated revolving credit facility to California Water Service Company for general corporate and working capital purposes in 2023 (Linked to Record ID#108232, #108231 and #108234)

Project narrative

On October 27, 2009, financial close was reached on a deal in which a syndicate of six banks — including Bank of China, Los Angeles Branch — entered into a $300 million USD revolving credit facility with California Water Service Company, a water utility company based in California, USA, that provides water and wastewater services to millions of residents. The maturity of the loan is 3 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, working capital, and debt refinancing. Bank of China, Los Angeles Branch contributed to the loan tranche (Record ID#108218) In addition, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Swing Line Lender, and L/C Issuer), CoBank, ACB, Compass Bank, and U.S. Bank, National Association. On June 29, 2011, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd. New York Branch — entered into a $300 million USD revolving credit facility with California Water Service Company, a water utility company based in California, USA, that provides water and wastewater services to millions of residents. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, working capital, and debt refinancing. Bank of China, Los Angeles Branch contributed $30 million USD (Record ID#108219), and Bank of Communications Co., Ltd. New York Branch contributed $16.875 million USD to the loan tranche (Record ID#108220). While these Chinese banks participated, other banks also contributed: Bank of America, N.A. ($71.25 million USD), CoBank, ACB ($37.5 million USD), U.S. Bank, National Association ($33.75 million USD), Wells Fargo Bank, National Association ($33.75 million USD), Union Bank, N.A. ($24.375 million USD), First Hawaiian Bank ($15 million USD), Chang Hwa Commercial Bank, Ltd., Los Angeles Branch ($9.375 million USD), Hua Nan Commercial Bank, Ltd., Los Angeles Branch ($9.375 million USD), The Northern Trust Company ($7.5 million USD), Mega International Commercial Bank Co. Ltd., New York Branch ($8.18 million USD), and Mega International Commercial Bank Co. Ltd., Los Angeles Branch ($6.82 million USD). On the same day, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd. New York Branch — entered into a $100 million USD revolving credit facility with California Water Service Company, a water utility company based in California, USA, that provides water and wastewater services to millions of residents. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes and working capital. Bank of China, Los Angeles Branch contributed $10 million USD (Record ID#108221), and Bank of Communications Co., Ltd. New York Branch contributed $5.625 million USD (Record ID#108222) to the loan tranche. While these Chinese banks participated, other banks also contributed: Bank of America, N.A., CoBank, ACB, U.S. Bank, National Association, Wells Fargo Bank, National Association, Union Bank, N.A., First Hawaiian Bank, Chang Hwa Commercial Bank, Ltd., Los Angeles Branch , Hua Nan Commercial Bank, Ltd., Los Angeles Branch, The Northern Trust Company, Mega International Commercial Bank Co. Ltd., New York Branch, and Mega International Commercial Bank Co. Ltd., Los Angeles Branch. On March 10, 2015, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., New York Branch — entered into a $300 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China, Los Angeles Branch (Record ID#108223) and Bank of Communications Co., Ltd., New York Branch (Record ID#108224) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, MUFG Union Bank, N.A., JPMorgan Chase Bank, N.A., Branch Banking and Trust Company, and First Hawaiian Bank. On the same day financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., New York Branch — entered into a $300 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China, Los Angeles Branch (Record ID#108225) and Bank of Communications Co., Ltd., New York Branch (Record ID#108226) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, MUFG Union Bank, N.A., JPMorgan Chase Bank, N.A., Branch Banking and Trust Company, and First Hawaiian Bank. On March 29, 2019, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., San Francisco Branch — entered into a $400 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China, Los Angeles Branch (Record ID#108227) and Bank of Communications Co., Ltd., San Francisco Branch (Record ID#108228) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Branch Banking and Trust Company, and First Hawaiian Bank. On March 29, 2019, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., San Francisco Branch — entered into a $150 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China, Los Angeles Branch (Record ID#108229) and Bank of Communications Co., Ltd., San Francisco Branch (Record ID#108230) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Branch Banking and Trust Company, and First Hawaiian Bank. On March 31, 2023, financial close was reached on a deal in which a syndicate of 8 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., San Francisco Branch — entered into a $400 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China (Record ID# 108231) and Bank of Communications Co., Ltd. (Record ID#108232) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, and First Hawaiian Bank. On the same day, March 31, 2023, financial close was reached on a deal in which a syndicate of 8 banks — including Bank of China, Los Angeles Branch and Bank of Communications Co., Ltd., San Francisco Branch — entered into a $400 million USD revolving credit facility with California Water Service Group, a public utility holding company based in California, USA, which provides water utility services through its primary subsidiary, California Water Service Company. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for debt refinancing and working capital purposes. Bank of China (Record ID#108233) and Bank of Communications Co. (Record ID#108234) participated in the loan. While these Chinese banks contributed to the financing, the following lenders also participated: Bank of America, N.A. (Administrative Agent, Lender, Swing Line Lender, and L/C Issuer), CoBank, ACB, U.S. Bank National Association, Wells Fargo Bank, National Association, and First Hawaiian Bank.