Bank of China contributes $125 million USD to $4 billion USD syndicated revolving credit facility to Ocidental Petroleum Corporation for general corporate purposes in 2021 (Linked to Record ID#109069 and #109068)

Project narrative

On January 31, 2018, financial close was reached on a deal in which a syndicate of 27 banks — including Bank of China — entered into a $5,000,000,000 USD syndicated loan agreement with Occidental Petroleum Corporation — a U.S.-based oil and gas exploration and production company — for general corporate purposes. 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. This typically includes funding daily operations, refinancing existing debt, or making strategic investments and acquisitions, but the loan document does not specify beyond the general term. While Bank of China contributed $75,000,000 USD to this loan (Record ID#109068), the following lenders also participated: Bank of America, Barclays Bank PLC, Citibank, HSBC Bank USA, JPMorgan Chase Bank, MUFG Bank, Royal Bank of Canada, Société Générale, Sumitomo Mitsui Banking Corporation, Wells Fargo Bank, Banco Bilbao Vizcaya Argentaria, Canadian Imperial Bank of Commerce, Mizuho Bank, PNC Bank, Standard Chartered Bank, The Bank of New York Mellon, The Bank of Nova Scotia, U.S. Bank, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, First Abu Dhabi Bank, BMO Harris Bank, and Riyad Bank. On June 3, 2019, the credit facility was amended and restated. The maturity remained unchanged, but several banks increased their individual commitments — expanding the facility from $3,000,000,000 USD to $5,000,000,000 USD. Bank of China increased its contribution by $74,000,000 USD, bringing its total to $149,000,000 USD (Record ID#109069). New participating banks included The Toronto-Dominion Bank and BMO Harris Bank, while existing banks such as MUFG, RBC, and Société Générale significantly raised their commitments. On December 10, 2021, Occidental Petroleum Corporation and its lenders signed a second amended and restated credit agreement with a revised total commitment of $4,000,000,000 USD. The new maturity date was set for June 30, 2025, and the interest rate was updated to SOFR plus an applicable margin. While Bank of China contributed $125,000,000 USD to this loan (Record ID#109070), the following lenders also participated: JPMorgan Chase Bank, Bank of America, Citibank, HSBC Bank USA, MUFG Bank, Royal Bank of Canada, Société Générale, Sumitomo Mitsui Banking Corporation, The Toronto-Dominion Bank, Wells Fargo Bank, Banco Bilbao Vizcaya Argentaria, Barclays Bank, BNP Paribas, Canadian Imperial Bank of Commerce, Crédit Agricole Corporate and Investment Bank, Mizuho Bank, PNC Bank, Standard Chartered Bank, The Bank of Nova Scotia, U.S. Bank, Riyad Bank, and The Bank of New York Mellon.