ICBC participates in debt rescheduling — via one year maturity extension to all tranches — of $13.4 billion USD syndicated revolving facility to Ford Motor Facility for general corporate purposes in 2018 (Linked to Record ID#109031)

Project narrative

On April 30, 2015, financial close was reached on a deal in which a syndicate of 21 banks — including ICBC — entered into a $13.4 billion USD syndicated loan agreement with Ford Motor Company — a multinational automobile manufacturer headquartered in Dearborn, Michigan, USA. The facility introduced two sub-facilities denominated in Brazilian Reais (BRL) and Chinese Renminbi (RMB) to support Ford’s operations in those currencies. The maturity of the loan was split: 75% was set to mature on April 30, 2020, and 25% on April 30, 2018. The interest for this loan depends on the currency. For US-denominated loans, the interest is the eurocurrency base rate (LIBOR) divided by 1 minus the eurocurrency reserve requirements. For RMB-denominated tranches, the interest is based upon CNHHIBOR, and tranches in other currencies may use other reference rates. The proceeds were used by the borrower to support its global automotive business, specifically to provide general corporate liquidity and support local operations through facilities denominated in local currencies. While ICBC (Record ID#109031) contributed to this loan, the following lenders also participated: Banco Bradesco S.A., Bank of America, N.A., Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citibank, N.A., Commerz Markets LLC, Credit Agricole Corporate and Investment Bank, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Lloyds Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley MUFG Loan Partners LLC, Royal Bank of Canada, RBC Capital Markets, and Sumitomo Mitsui Banking Corporation. On April 29, 2016, the parties entered into a new 12th amendment, in which they extended the maturity by one year to April 30, 2021 and April 30, 2019, respectively. ICBC's contribution to this restructuring is recorded in Record ID#109032. On April 28, 2017, the parties entered into a new 13th amendment, in which they extended the maturity by one year to April 30, 2022 and April 30, 2020, respectively. ICBC's contribution to this restructuring is recorded in Record ID#109033. On April 27, 2018, the parties entered into a new 14th amendment, in which they extended the maturity by one year to April 30, 2023 and April 30, 2021, respectively. ICBC's contribution to this restructuring is recorded in Record ID#109034. On April 23, 2019, the parties entered into a new 15th amendment, in which they extended the maturity by one year to April 30, 2024 and April 30, 2022, respectively. ICBC's contribution to this restructuring is recorded in Record ID#109035. On July 27, 2020, the parties entered into a new 16th amendment, in which they extended the maturity for the short-term tranches by one year to July 27, 2023, while the long maturity tranche still matures on April 30, 2024. ICBC's contribution to this restructuring is recorded in Record ID#109036. On September 29, 2021, the parties amended and restated the loan facility. The Chinese banks no longer participated in this loan.