Bank of China contributes $230 million USD to $10.25 billion USD syndicated revolving credit facility to International Business Machines Corporation for general corporate purposes in 2018 (Linked to Record ID#109677, #109678, #109676 and #109680)

Project narrative

On November 10, 2011, financial close was reached on a deal in which a syndicate of 43 banks — including ICBC — entered into a $10 billion USD syndicated loan agreement with International Business Machines Corporation (IBM), a multinational technology and consulting company headquartered in Armonk, New York, United States — for general corporate purposes. The maturity of the loan is five years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. The agreement did not specify any further breakdown of use of funds into subcategories or business lines. While ICBC contributed $100 million USD to this loan (Record ID#109676), the following lenders also participated: JPMorgan Chase Bank, N.A. ($575 million), Barclays Bank PLC ($575 million), BNP Paribas ($575 million), Citibank, N.A. ($575 million), Deutsche Bank AG New York Branch ($450 million), HSBC Bank N.A. ($450 million), Mizuho Corporate Bank, Ltd. ($450 million), Royal Bank of Canada ($450 million), Wells Fargo Bank National Association ($450 million), Bank of America, N.A. ($300 million), Credit Suisse, Cayman Islands Branch ($300 million), Goldman Sachs Bank USA ($300 million), Morgan Stanley Bank, N.A. ($300 million), Sovereign Bank ($300 million), The Royal Bank of Scotland plc ($300 million), UBS Loan Finance LLC ($300 million), UniCredit Bank AG, New York Branch ($300 million), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($270 million), Intesa Sanpaolo S.p.A., New York Branch ($200 million), PNC Bank, National Association ($200 million), Standard Chartered Bank ($200 million), Sumitomo Mitsui Banking Corporation ($200 million), The Bank of New York Mellon ($200 million), U.S. Bank National Association ($200 million), Mitsubishi UFJ Trust and Banking Corporation, New York Branch ($180 million), Australia and New Zealand Banking Group Limited ($100 million), Banco Bilbao Vizcaya Argentaria, S.A. ($100 million), Bank of Montreal ($100 million), CIBC Inc. ($100 million), Crédit Agricole Corporate & Investment Bank ($100 million), Danske Bank A/S ($100 million), ING Bank N.V., Dublin Branch ($100 million), Lloyds TSB Bank plc ($100 million), Societe Generale ($100 million), State Street Bank and Trust Company ($100 million), Toronto Dominion (New York) LLC ($100 million), The Northern Trust Company ($100 million), and Westpac Banking Corp. ($100 million). On September 21, 2016, the banks and the company entered into an agreement: Bank of China was added to the loan syndicate, contributing $250 million USD (Record ID#109677). The total loan amount was increased to $10.25 billion USD. The loan’s maturity was extended to November 10, 2021. In addition, ICBC’s portion was also extended to be due on November 10, 2021 (Record ID#109678). On July 19, 2018, financial close was reached on a renewed deal in which a syndicate of 35 banks — including Bank of China — entered into a new $10.25 billion USD syndicated revolving credit facility agreement with International Business Machines Corporation (IBM), again for general corporate purposes. The loan’s maturity was five years. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $230 million USD to this loan (Record ID#109679), the following lenders also participated: JPMorgan Chase Bank, N.A. ($540 million), BNP Paribas ($540 million), Citibank, N.A. ($540 million), Royal Bank of Canada ($540 million), Mizuho Bank, Ltd. ($510 million), Banco Santander, S.A. ($430 million), Bank of America, N.A. ($430 million), Barclays Bank PLC ($430 million), Deutsche Bank AG New York Branch ($430 million), HSBC Bank USA, National Association ($430 million), Societe Generale ($430 million), Wells Fargo Bank, N.A. ($430 million), MUFG Bank, Ltd. ($350 million), Commerzbank AG, New York Branch ($280 million), Credit Suisse AG, Cayman Islands Branch ($280 million), Goldman Sachs Bank USA ($280 million), ING Bank N.V., Dublin Branch ($280 million), Sumitomo Mitsui Banking Corp. ($280 million), The Toronto-Dominion Bank, New York Branch ($280 million), UniCredit Bank AG, New York Branch ($280 million), U.S. Bank National Association ($280 million), Australia and New Zealand Banking Group Limited ($190 million), DBS Bank Ltd. ($190 million), PNC Bank, National Association ($190 million), Standard Chartered Bank ($190 million), The Bank of Nova Scotia ($190 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($100 million), Banco Bradesco S.A., New York Branch ($100 million), Canadian Imperial Bank of Commerce, New York Branch ($100 million), Danske Bank A/S ($100 million), Lloyds Bank plc ($100 million), Raiffeisen Bank International AG ($100 million), The Northern Trust Company ($100 million), and State Street Bank and Trust Company ($100 million). On July 18, 2019, the banks and the company agreed to extend the maturity for an additional year — from July 19, 2023 to July 20, 2024. Bank of China’s contribution was recorded in Record ID#109680.