ICBC participates in debt rescheduling — via 0.73 year maturity extension to $1.9 billion balance — of $2 billion USD syndicated revolving facility to Ford Motor Facility for general corporate purposes in 2022 (Linked to Record ID#109039)

Project narrative

On April 23, 2019, financial close was reached on a deal in which a syndicate of 17 banks — including ICBC — entered into a $2 billion USD syndicated revolving loan agreement with Ford Motor Company — a multinational automobile manufacturer headquartered in Dearborn, Michigan, USA. The maturity of the loan is April 30, 2022. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to support general corporate purposes, including liquidity management and operational flexibility through a revolving credit structure. While ICBC (Record ID#109037) contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.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, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Lloyds Bank Corporate Markets PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners LLC, Royal Bank of Canada, Societe Generale, and Sumitomo Mitsui Banking Corporation. On July 27, 2020, the parties entered into the 1st amendment to this loan in which they partially extended the maturity: $0.2 billion out of the $2 billion commitment would still mature on April 30, 2022, while the remaining $1.8 billion commitment is extended to July 27, 2023. ICBC's contribution is recorded in Record ID#109038. On September 29, 2021, financial close was reached on a deal in which a syndicate of 17 banks — including ICBC — entered into a $2 billion USD syndicated revolving loan agreement with Ford Motor Company — a multinational automobile manufacturer headquartered in Dearborn, Michigan, USA. This agreement represented the 3rd amendment and restatement of the facility. The maturity of the loan is September 29, 2024. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to support general corporate purposes and operational liquidity under the newly restated revolving credit structure. While ICBC (Record ID#109039) contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A., Bank of America, N.A., BOFA Securities, Inc., Barclays Bank PLC, BNP Paribas, BNP Paribas Securities Corp., Citibank, N.A., Commerzbank AG, New York Branch, Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners LLC, Royal Bank of Canada, Societe Generale, Sumitomo Mitsui Banking Corporation, and Wells Fargo Bank, N.A. On June 23, 2022, the parties entered into the 4th amendment to this loan in which they partially extended the maturity: $0.1 billion out of the $2 billion commitment would still mature on September 29, 2024, while the remaining $1.9 billion commitment is extended to June 23, 2025. ICBC's contribution is recorded in Record ID#109040. On April 26, 2023, the parties entered into the 5th amendment to this loan in which they partially extended the maturity: $0.1 billion out of the $2 billion commitment would still mature on September 29, 2024, while the remaining $1.9 billion commitment is extended to April 26, 2026. ICBC's contribution is recorded in Record ID#109041.