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Overview

ICBC contributes to $1.5 billion USD syndicated term loan credit facility to Ford Motor Company for general corporate purposes in 2019

Commitments (Constant USD, 2023)$81,946,381
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 23, 2019
Last repayment (originally scheduled)
Dec 31, 2022

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.
  • Barclays Bank PLC
  • BNP Paribas S.A.
  • BNP Paribas Securities Corp. (BNPPSC)
  • Citibank, N.A.
  • Citigroup Global Markets, Inc.
  • Commerz Markets LLC
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Deutsche Bank AG Securities Inc.
  • Goldman Sachs Bank USA
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Lloyds Bank Corporate Markets plc
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Mizuho Bank, Ltd.
  • Morgan Stanley MUFG Loan Partners, LLC
  • Royal Bank of Canada (RBC)
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Private Sector

  • Ford Motor Company

Loan description

ICBC contributes to $1.5 billion USD syndicated term loan credit facility to Ford Motor Company for general corporate purposes in the United States in 2019

Interest type•Variable Interest RateMaturity•3.694 years

Narrative

Full Description

Project narrative

On April 23, 2019, financial close was reached on a deal in which a syndicate of 19 banks — including ICBC — entered into a $1.5 billion USD syndicated term loan agreement with Ford Motor Company — a multinational automobile manufacturer headquartered in Dearborn, Michigan, USA. The maturity of the loan is December 31, 2022. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to support general corporate purposes, including fixed-term financing for its global operations. While ICBC (Record ID#109043) contributed to this loan, the following lenders also participated: 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, RBC Capital Markets, Royal Bank of Canada, Societe Generale, and Sumitomo Mitsui Banking Corporation.

Staff comments

1. The entirety of the original 2019 loan contract can be accessed at https://d18rn0p25nwr6d.cloudfront.net/CIK-0000037996/3666de0f-1cb7-4d06-9c85-47773dcd6c1c.pdf. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/7v45yam4cmh5ow2tmhkqf/Source_ID_221542.pdf?rlkey=mpnl85q6yv8m4xt0wuzlixqsn&st=ywn6wzni&dl=0 2. Ford Motor Company is an American multinational automaker headquartered in Dearborn, Michigan. Founded by Henry Ford in 1903, it is one of the oldest and largest automobile manufacturers in the world, known for brands such as Ford and Lincoln. 3. AidData cannot estimate the interest rate because it does not have access to the reserve requirements of the company or banks. 4. The individual contributions of the 19 lenders to this $2 billion USD syndicated loan are unknown, and each tranche's commitment is not known. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($78947368.4211) to the loan syndicate. 5. The entirety of the original 2015 loan contract can be accessed at https://d18rn0p25nwr6d.cloudfront.net/CIK-0000037996/4c37c2bd-fe02-45c2-9ceb-bf5d38689c66.pdf. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/67rzarkzk2pp6vnfw6ciu/Source_ID_221537.pdf?rlkey=71gnj5h7ubnbt20v2vvoz9tfz&st=m6mxu0yz&dl=0