Bank of China contributes $30 million USD to $400 million USD syndicated revolving credit facility to Avery Dennison Office Products Company in 2008

Project narrative

On February 8, 2008, financial close was reached on a deal in which a syndicate of 15 banks — including Bank of China — entered into a $400,000,000 USD syndicated loan agreement with Avery Dennison Office Products Company — a U.S.-based subsidiary of Avery Dennison Corporation, a global materials science and manufacturing company specializing in the design and production of labeling and functional materials — for working capital purposes. The maturity of the loan is 3 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for working capital purposes — to fund the company's short-term operational needs, such as inventory, payroll, and other immediate expenses. While Bank of China contributed $30,000,000 USD to this loan (Record ID#), the following lenders also participated: Bank of America, N.A. ($49,500,000 USD), JPMorgan Chase Bank, N.A. ($49,500,000 USD), Barclays Bank PLC ($47,000,000 USD), Citicorp USA, Inc. ($47,000,000 USD), Wachovia Bank, N.A. ($47,000,000 USD), ABN AMRO Bank N.V. ($25,000,000 USD), Sumitomo Mitsui Banking Corporation ($25,000,000 USD), First Hawaiian Bank ($15,000,000 USD), HSBC Bank USA, National Association ($15,000,000 USD), Standard Chartered Bank ($15,000,000 USD), Wells Fargo Bank, N.A. ($15,000,000 USD), E. Sun Commercial Bank, Ltd., Los Angeles Branch ($10,000,000 USD), and Malayan Banking Berhad ($10,000,000 USD).