China Construction Bank contributes to $3 billion USD syndicated revolving credit facility to Baker Hughes Corporation for general corporate purposes in 2017 (Linked to Record ID#109626 and #109627)

Project narrative

On July 13, 2016, financial close was reached on a deal in which a syndicate of 21 banks — including Bank of China — entered into a $2.5 billion USD syndicated loan agreement with Baker Hughes Corporation — a Texas-based industrial services company that provides products and services for oil and gas exploration and production. The maturity of the loan is five years, and the interest rate was LIBOR plus an applicable margin. The use of proceeds was general corporate purposes. The proceeds were used by the borrower for general corporate purposes, which typically include operational expenses, working capital, or refinancing of existing obligations. While Bank of China contributed $57 million USD to this loan (Record ID#109626), the following lenders also participated: JPMorgan Chase Bank, N.A. ($190 million), Citigroup Global Markets Inc. ($190 million), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($190 million), DNB Capital LLC ($190 million), Goldman Sachs Bank USA ($190 million), HSBC Bank USA, N.A. ($190 million), Wells Fargo Bank, N.A. ($190 million), Barclays Bank PLC ($132 million), Deutsche Bank AG New York Branch ($132 million), Standard Chartered Bank ($132 million), Sumitomo Mitsui Banking Corporation ($132 million), U.S. Bank National Association ($132 million), BNP Paribas ($125 million), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($57 million), NBAD Americas N.V. ($57 million), Skandinaviska Enskilda Banken AB (publ) ($57 million), UniCredit Bank AG, New York Branch ($57 million), Export Development Canada ($50 million), and The Northern Trust Company ($50 million). On July 3, 2017, financial close was reached on a second deal in which a syndicate of 25 banks — including Bank of China and China Construction Bank — entered into a $3 billion USD syndicated loan agreement with Baker Hughes Corporation. The maturity of this loan is also five years, and the interest rate was LIBOR plus an applicable margin. The use of proceeds was general corporate purposes. The proceeds were again used by the borrower for general corporate purposes. While Bank of China (Record ID#109627) and China Construction Bank each contributed to this loan (Record ID#109628), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Barclays Bank PLC; Deutsche Bank AG New York Branch; HSBC Bank USA, N.A.; UniCredit Bank AG, New York Branch; Goldman Sachs Bank USA; Standard Chartered Bank; Bank of America, N.A.; Morgan Stanley Bank, N.A.; The Bank of Tokyo–Mitsubishi UFJ, Ltd.; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Australia and New Zealand Banking Group Limited; Danske Bank A/S; ING Bank N.V. – Dublin Branch; Royal Bank of Canada; Société Générale; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; NBAD Americas N.V.; Export Development Canada; The Northern Trust Company; and Westpac Banking Corporation.