ICBC contributes $25 million USD to $2.5 billion USD syndicated loan to IBM for general corporate purposes in 2017 (Linked to Record ID#109729)

Project narrative

On July 20, 2017, financial close was reached on a deal in which a syndicate of 32 banks — including Bank of China and ICBC — entered into a $2.5 billion USD syndicated loan agreement with IBM, a multinational technology corporation headquartered in Armonk, New York, that produces and sells computer hardware, middleware, and software and provides hosting and consulting services. The loan’s maturity is 3 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes. The proceeds were used by the borrower for general corporate purposes, allowing IBM to maintain operational liquidity and flexibility in financing its ongoing business activities, including potential investments or debt refinancing. While Bank of China contributed $50,000,000 USD (Record ID#109729) and ICBC contributed $25,000,000 USD to this loan (Record ID#109732), the following lenders also participated: JPMorgan Chase Bank, N.A. ($150,000,000), Citibank, N.A. ($150,000,000), BNP Paribas ($150,000,000), Royal Bank of Canada ($150,000,000), Mizuho Bank, Ltd. ($125,000,000), Bank of America, N.A. ($100,000,000), Barclays Bank PLC ($100,000,000), Deutsche Bank AG New York Branch ($100,000,000), HSBC Bank USA, National Association ($100,000,000), Societe Generale ($100,000,000), Wells Fargo Bank N.A. ($100,000,000), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($75,000,000), Commerzbank AG, New York Branch ($75,000,000), Credit Suisse AG, Cayman Islands Branch ($75,000,000), Goldman Sachs Bank USA and ING Bank N.V., Dublin Branch ($75,000,000), Banco Santander, S.A. ($75,000,000), U.S. Bank National Association ($75,000,000), UniCredit Bank AG, New York Branch and Sumitomo Mitsui Banking Corporation ($75,000,000), Australia and New Zealand Banking Group Limited ($50,000,000), PNC Bank, National Association ($50,000,000), Standard Chartered Bank ($50,000,000), The Toronto-Dominion Bank, New York ($50,000,000), Banco Bradesco S.A., New York Branch ($25,000,000), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($25,000,000), Canadian Imperial Bank of Commerce, New York Branch ($25,000,000), Danske Bank A/S ($25,000,000), Lloyds Bank plc ($25,000,000), The Northern Trust Company ($25,000,000), Raiffeisen Bank International AG ($25,000,000), and DBS Bank Ltd. ($50,000,000). On July 19, 2018, the original revolving credit facility agreement was amended and restated, maintaining the total commitment amount of $2.5 billion USD and preserving its general corporate purpose. The maturity and margin structure remained consistent with the original agreement — LIBOR plus an applicable margin. While Bank of China contributed $45,000,000 USD to the 2018 amendment (Record ID#109733), the following lenders also participated:
JPMorgan Chase Bank, N.A. ($150,000,000), BNP Paribas ($150,000,000), Citibank, N.A. ($150,000,000), Royal Bank of Canada ($150,000,000), Mizuho Bank, Ltd. ($115,000,000), Banco Santander, S.A. ($100,000,000), Bank of America, N.A. ($100,000,000), Barclays Bank PLC ($100,000,000), Deutsche Bank AG New York Branch ($100,000,000), HSBC Bank USA, National Association ($100,000,000), Societe Generale ($100,000,000), Wells Fargo Bank, N.A. ($100,000,000), MUFG Bank, Ltd. ($75,000,000), Commerzbank AG, New York Branch ($75,000,000), Credit Suisse AG, Cayman Islands Branch ($75,000,000), Goldman Sachs Bank USA ($75,000,000), ING Bank N.V., Dublin Branch ($75,000,000), Sumitomo Mitsui Banking Corp. ($75,000,000), The Toronto-Dominion Bank, New York Branch ($75,000,000), UniCredit Bank AG, New York Branch ($75,000,000), U.S. Bank National Association ($75,000,000), Australia and New Zealand Banking Group Limited ($45,000,000), DBS Bank Ltd. ($45,000,000), PNC Bank, National Association ($45,000,000), Standard Chartered Bank ($45,000,000), The Bank of Nova Scotia ($45,000,000), Banco Bilbao Vizcaya Argentaria, S.A. New York Branch ($20,000,000), Banco Bradesco S.A., New York Branch ($20,000,000), Canadian Imperial Bank of Commerce, New York Branch ($20,000,000), Danske Bank A/S ($20,000,000), Lloyds Bank plc ($20,000,000), Raiffeisen Bank International AG ($20,000,000), and The Northern Trust Company ($20,000,000). On July 18, 2019, the parties signed an amendment in which they extended the maturity by one year to July 30, 2022. BOC’s contribution is recorded in Record ID#109734