Bank of China contributes $80 million USD to $8.8 billion USD syndicated revolving credit facility to Ocidental Petroleum Corporation for acquisition of Anadarko Petroleum Corporation in 2019

Project narrative

On June 3, 2019, financial close was reached on a deal in which a syndicate of 23 banks — including Bank of China — entered into an $8,800,000,000 USD syndicated term loan agreement with Occidental Petroleum Corporation — a U.S.-based oil and gas exploration and production company — to finance its acquisition of Anadarko Petroleum Corporation. The loan was divided into two tranches: a $4.4 billion USD 364-day tranche and a $4.4 billion USD 2-year tranche. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower to finance its acquisition of Anadarko Petroleum Corporation, a Texas-based oil and gas company. The acquisition was a major strategic move by Occidental to expand its footprint in the Permian Basin and other regions. While Bank of China contributed $80,000,000 USD to this loan (Record ID#109072), the following lenders also participated: Citibank, Bank of America, The Bank of Nova Scotia, Barclays Bank PLC, 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, The Toronto-Dominion Bank, U.S. Bank, BMO Harris Bank, Crédit Agricole Corporate and Investment Bank, Standard Chartered Bank, First Abu Dhabi Bank, and Riyad Bank.