Bank of China contributes $50 million to $800 USD syndicated revolving credit facility to Avery Dennison Corporation for general corporate and working capital purposes in 2017(Linked to Record ID#109089)

Project narrative

On November 8, 2017, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into an $800,000,000 USD syndicated loan agreement with Avery Dennison Corporation — a California-based materials science and manufacturing company known for labeling and packaging solutions — for general corporate and working capital purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate and working capital purposes — covering both long-term strategic initiatives and short-term financial obligations such as payroll and inventory. While Bank of China contributed $50,000,000 USD to this loan (Record ID#109088), the following lenders also participated: Bank of America, N.A. ($98,333,333.34 USD), Citibank, N.A. ($98,333,333.33 USD), JPMorgan Chase Bank, N.A. ($98,333,333.33 USD), HSBC Bank USA, National Association ($70,000,000 USD), Standard Chartered Bank ($70,000,000 USD), Mizuho Bank, Ltd. ($70,000,000 USD), Sumitomo Mitsui Banking Corporation ($70,000,000 USD), Goldman Sachs Bank USA ($50,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($50,000,000 USD), Wells Fargo Bank, National Association ($50,000,000 USD), and The Northern Trust Company ($25,000,000 USD). On February 13, 2020, financial close was reached on a deal in which a syndicate of 9 banks — including Bank of China — entered into an $800,000,000 USD syndicated loan agreement with Avery Dennison Corporation — a California-based materials science and manufacturing company known for labeling and packaging solutions — for general corporate and working capital purposes. The maturity of the loan is 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate and working capital purposes — providing the company with flexible funding for strategic and day-to-day operational needs. While Bank of China contributed to this loan (Record ID#109089), the following lenders also participated: Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., HSBC Bank USA, National Association, Mizuho Bank, Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Goldman Sachs Bank USA. Contribution amounts were not disclosed.