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Overview

ICBC contribtues to $750 million syndicated loan to Nu Skin Enterprises for working capital purposes in 2018

Commitments (Constant USD, 2023)$44,395,425
Commitment Year•2018Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 18, 2018
Last repayment (originally scheduled)
Apr 17, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bangkok Bank Public Company Limited (BBL)
  • Bank of America, N.A.
  • Bank of the West
  • BBVA USA (formerly BBVA Compass or Compass Bank, now PNC Financial Services)
  • BMO Harris Bank N.A.
  • Citibank, N.A.
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • Deutsche Bank AG
  • Fifth Third Bank
  • HSBC Bank USA, N.A.
  • KeyBank National Association
  • Royal Bank of Canada (RBC)
  • SunTrust Bank
  • U.S. Bank National Association
  • Zions Bancorporation

State-owned Banks

  • Taiwan Cooperative Bank

Receiving agencies

Private Sector

  • Nu Skin Enterprises, Inc.

Guarantors

Private Sector

  • ELEVATE NUTRACEUTICALS LLC
  • GROW SOLUTIONS TECH LLC
  • GROWGENIX SOLUTIONS LLC
  • INNUVATE HEALTH SCIENCES LLC
  • L&W HOLDINGS, INC.
  • NSE INVESTMENT, INC.
  • NSE PRODUCTS, INC.
  • NU SKIN ENTERPRISES UNITED STATES, INC
  • NU SKIN INTERNATIONAL, INC.
  • TREVISO, LLC
  • VERTICAL EDEN LLC
  • WASATCH PRODUCT DEVELOPMENT, LLC

Loan description

ICBC contributes to USD $750 million syndicated loan to Nu Skin Enterprises for working capital purposes in the United States in 2018

Interest rate (t₀)•3.25313%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On April 18, 2018, financial close was reached on a deal in which a syndicate of 17 banks — including ICBC — entered into a $750 million USD syndicated loan agreement with Nu Skin Enterprises, Inc., a United States-based company that develops and sells personal care products and dietary supplements. The loan was divided into two tranches: a $300 million USD term loan and a $450 million USD revolving credit facility. 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 working capital purposes. While ICBC contributed to this loan, the following lenders also participated: Bank of America N.A., HSBC Bank USA, National Association, Bank of the West, Fifth Third Bank, SunTrust Bank, KeyBank National Association, Citibank, N.A., ZB, N.A. dba Zions First National Bank, Compass Bank, BMO Harris Bank N.A., U.S. Bank National Association, Royal Bank of Canada, Deutsche Bank AG New York Branch, Bangkok Bank Public Company Limited–New York Branch, Taiwan Cooperative Bank, Ltd. (New York Branch), and CTBC Bank Corp. (USA).

Staff comments

1. The entirety of the 2015 loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/82811/000008281115000045/exhibit101creditagreement.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/2zjgji8lxlb47vr8600x1/Source_ID_221860.pdf?rlkey=fgq4shc9uvplyus277dx04lrd&st=doqw7lpa&dl=0 2. Nu Skin Enterprises, Inc. is an American multilevel marketing company that develops and sells personal care products and dietary supplements. The company operates in approximately 50 markets worldwide and is headquartered in Provo, Utah. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in April 2018 and an applicable margin based on the company's consolidated leveage ratio (0.75%). 4. The individual contributions of the 17 lenders to this $750 million USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($44,117,647.06 USD) to the loan syndicate. 5. The 2018 amended loan is accessible here: https://www.sec.gov/Archives/edgar/data/82811/000008281118000112/rbc101.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/9d80i6muerjq5jvvupxyl/Source_ID_221861.pdf?rlkey=6tl9555dtax6efcbqd0yydxtr&st=b62jx5f4&dl=0