Agricultural Bank of China contributes $25 million USD to $4.7 billion USD syndicated revolving credit facility to Ocidental Petroleum Corporation for acquisition of CrownRock Limited Partners in 2023 (Linked to Record ID#109076 and #109074)

Project narrative

On December 28, 2023, financial close was reached on a deal in which a syndicate of 26 banks — including the New York Branch of the Bank of China (BOC), the New York Branch of China Construction Bank (CCB), and the New York Branch of Agricultural Bank of China (ABC) — entered into a $4,700,000,000 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 CrownRock, L.P. The loan was divided into two tranches: a $2.0 billion USD 364-day tranche and a $2.7 billion USD 2-year tranche. The interest rate was SOFR plus an applicable margin. The proceeds were used by the borrower to fund its acquisition of CrownRock, L.P., a privately held oil and gas company focused on operations in the Permian Basin. This acquisition strengthens Occidental's strategic presence in the U.S. shale sector. BOC contributed $205,000,000 USD to this loan (Record ID#109074), CCB contributed $300,000,000 USD (Record ID#109076), and ABC (Record ID#109077) contributed $25,000,000 USD. The following lenders also participated: Bank of America, JPMorgan Chase Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Citibank, HSBC Bank USA, Royal Bank of Canada, Standard Chartered Bank, The Toronto-Dominion Bank, Wells Fargo Bank, Barclays Bank, Canadian Imperial Bank of Commerce, Mizuho Bank, PNC Bank, The Bank of Nova Scotia, U.S. Bank, Banco Bilbao Vizcaya Argentaria, Riyad Bank, The Bank of New York Mellon, Bank of Baroda, Mashreqbank, Macquarie Bank, and Banco de Sabadell.