Bank of China contributes $45 million USD to $2.5 billion 364-day syndicated revolving credit facility to IBM for general corporate purposes in 2019

Project narrative

On July 20, 2017, financial close was reached on a deal in which a syndicate of 31 banks — including Bank of China and ICBC — entered into a $2.5 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 was 364 days, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. No further breakdown was provided in the agreement regarding the allocation of funds. While Bank of China contributed $50 million USD (Record ID#109697) and ICBC contributed $25 million USD to this loan (Record ID#109700), the following lenders also participated: JPMorgan Chase Bank, N.A. ($150 million), Citibank, N.A. ($150 million), BNP Paribas ($150 million), Royal Bank of Canada ($150 million), Mizuho Bank, Ltd. ($125 million), Bank of America, N.A. ($100 million), Barclays Bank PLC ($100 million), Deutsche Bank AG New York Branch ($100 million), HSBC Bank USA, National Association ($100 million), Societe Generale ($100 million), Wells Fargo Bank N.A. ($100 million), The Bank of Tokyo-Mitsubishi UFJ, LTD. ($75 million), Commerzbank AG, New York Branch ($75 million), Credit Suisse AG, Cayman Islands Branch ($75 million), Goldman Sachs Bank USA ($75 million), ING Bank N.V., Dublin Branch ($75 million), Banco Santander, S.A. ($75 million), U.S. Bank National Association ($75 million), UniCredit Bank AG, New York Branch ($75 million), Sumitomo Mitsui Banking Corp. ($75 million), Australia and New Zealand Banking Group Limited ($50 million), PNC Bank, National Association ($50 million), Standard Chartered Bank ($50 million), The Toronto-Dominion Bank, New York ($50 million), DBS Bank Ltd. ($50 million), Banco Bradesco S.A., New York Branch ($25 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($25 million), Canadian Imperial Bank of Commerce, New York Branch ($25 million), Danske Bank A/S ($25 million), Lloyds Bank plc ($25 million), The Northern Trust Company ($25 million), and Raiffeisen Bank International AG ($25 million). On July 19, 2018, financial close was reached on another 364-day revolving credit facility valued at $2.5 billion USD, with the same structure and purpose — general corporate purposes. The maturity of the loan was 364 days. In this 2018 facility, Bank of China contributed $45 million USD (Record ID#109701). The remaining contributions were as follows: JPMorgan Chase Bank, N.A. ($150 million), BNP Paribas ($150 million), Citibank, N.A. ($150 million), Royal Bank of Canada ($150 million), Mizuho Bank, Ltd. ($115 million), Banco Santander, S.A. ($100 million), Bank of America, N.A. ($100 million), Barclays Bank PLC ($100 million), Deutsche Bank AG New York Branch ($100 million), HSBC Bank USA, National Association ($100 million), Societe Generale ($100 million), Wells Fargo Bank, N.A. ($100 million), MUFG Bank, Ltd. ($75 million), Commerzbank AG, New York Branch ($75 million), Credit Suisse AG, Cayman Islands Branch ($75 million), Goldman Sachs Bank USA ($75 million), ING Bank N.V., Dublin Branch ($75 million), Sumitomo Mitsui Banking Corp. ($75 million), The Toronto-Dominion Bank, New York Branch ($75 million), UniCredit Bank AG, New York Branch ($75 million), U.S. Bank National Association ($75 million), Australia and New Zealand Banking Group Limited ($45 million), DBS Bank Ltd. ($45 million), PNC Bank, National Association ($45 million), Standard Chartered Bank ($45 million), The Bank of Nova Scotia ($45 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($20 million), Banco Bradesco S.A., New York Branch ($20 million), Canadian Imperial Bank of Commerce, New York Branch ($20 million), Danske Bank A/S ($20 million), Lloyds Bank plc ($20 million), Raiffeisen Bank International AG ($20 million), and The Northern Trust Company ($20 million). On July. 19, 2019, IBM again signed a $2.5 billion USD 364-day revolving credit facility with the same general purpose — general corporate needs. While Bank of China contributed $45 million USD to this loan (Record ID#109704), the following lenders also participated: JPMorgan Chase Bank, N.A. ($150 million), BNP Paribas ($150 million), Citibank, N.A. ($150 million), Royal Bank of Canada ($150 million), Mizuho Bank, Ltd. ($110 million), Banco Santander, S.A. ($100 million), Bank of America, N.A. ($100 million), Barclays Bank PLC ($100 million), Deutsche Bank AG New York Branch ($100 million), HSBC Bank USA, National Association ($100 million), Societe Generale ($100 million), Wells Fargo Bank, N.A. ($100 million), MUFG Bank, Ltd. ($100 million), Commerzbank AG, New York Branch ($75 million), Credit Suisse AG, New York Branch ($75 million), Goldman Sachs Bank USA ($75 million), ING Bank N.V., Dublin Branch ($75 million), Sumitomo Mitsui Banking Corp. ($75 million), The Toronto-Dominion Bank, New York Branch ($75 million), UniCredit Bank AG, New York Branch ($75 million), U.S. Bank National Association ($75 million), Australia and New Zealand Banking Group Limited ($45 million), DBS Bank Ltd. ($45 million), PNC Bank, National Association ($45 million), Standard Chartered Bank ($45 million), The Bank of Nova Scotia ($45 million), Canadian Imperial Bank of Commerce, New York Branch ($40 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($20 million), Danske Bank A/S ($20 million), Raiffeisen Bank International AG ($20 million), and The Northern Trust Company ($20 million). On July 2, 2020, IBM again signed a $2.5 billion USD 364-day revolving credit facility with the same general purpose — general corporate needs. The syndicate composition remained largely similar to previous rounds. While Bank of China contributed $45 million USD to this loan (Record ID#109702), the following lenders also participated: JPMorgan Chase Bank, N.A. ($150 million), BNP Paribas ($150 million), Citibank, N.A. ($150 million), Royal Bank of Canada ($150 million), Mizuho Bank, Ltd. ($110 million), Banco Santander, S.A. ($100 million), Bank of America, N.A. ($100 million), Barclays Bank PLC ($100 million), Deutsche Bank AG New York Branch ($100 million), HSBC Bank USA, National Association ($100 million), Societe Generale ($100 million), Wells Fargo Bank, N.A. ($100 million), MUFG Bank, Ltd. ($100 million), Commerzbank AG, New York Branch ($75 million), Credit Suisse AG, New York Branch ($75 million), Goldman Sachs Bank USA ($75 million), ING Bank N.V., Dublin Branch ($75 million), Sumitomo Mitsui Banking Corp. ($75 million), The Toronto-Dominion Bank, New York Branch ($75 million), UniCredit Bank AG, New York Branch ($75 million), U.S. Bank National Association ($75 million), Australia and New Zealand Banking Group Limited ($45 million), DBS Bank Ltd. ($45 million), PNC Bank, National Association ($45 million), Standard Chartered Bank ($45 million), The Bank of Nova Scotia ($45 million), Canadian Imperial Bank of Commerce, New York Branch ($40 million), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($20 million), Danske Bank A/S ($20 million), Raiffeisen Bank International AG ($20 million), and The Northern Trust Company ($20 million).