Narrative
Full Description
Project narrative
On August 9, 2018, financial close was reached on a deal in which a syndicate of 23 banks — including ICBC — entered into a $3.435 billion USD syndicated loan agreement with Corporate Capital Trust, Inc., FS Investment Corporation, FS Investment Corporation II, and FS Investment Corporation III — four U.S.-based business development companies managed by FS/KKR Advisor, LLC that focus on providing customized credit solutions to middle-market companies. 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 general corporate purposes. While ICBC contributed to this loan (Record ID#109797), the following lenders also participated: JPMorgan Chase Bank, N.A.; ING Capital LLC; Bank of Montreal; SunTrust Bank; Mizuho Bank, Ltd.; HSBC Bank USA, N.A.; Bank of America, N.A.; Citibank, N.A.; Credit Suisse AG, Cayman Islands Branch; Goldman Sachs Bank USA; Barclays Bank PLC; Morgan Stanley Senior Funding, Inc.; State Street Bank and Trust Company; Deutsche Bank AG New York Branch; Cadence Bank; Sumitomo Mitsui Banking Corporation; Royal Bank of Canada; Societe Generale, New York Branch; CIT Bank, N.A.; Stifel Bank & Trust; Seaside National Bank & Trust; and Liberty Bank. On November 7, 2019, financial close was reached on a deal in which a syndicate of 26 banks — including ICBC — entered into a $3.89 billion USD syndicated loan agreement with FS KKR Capital Corp., FS Investment Corporation II, and FS Investment Corporation III — three U.S.-based business development companies managed by FS/KKR Advisor, LLC that specialize in providing customized credit solutions to middle-market companies. 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 general corporate purposes. While ICBC contributed to this loan (Record ID#109798), the following lenders also participated: JPMorgan Chase Bank, N.A.; ING Capital LLC; Bank of Montreal; SunTrust Bank; MUFG Union Bank, N.A.; Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd.; HSBC Bank USA, N.A.; Bank of America; Citibank, N.A.; Credit Suisse AG, Cayman Islands Branch; Royal Bank of Canada; Goldman Sachs Bank USA; State Street Bank and Trust Company; Barclays Bank PLC; Morgan Stanley Senior Funding, Inc.; Société Générale; Deutsche Bank AG New York Branch; Cadence Bank; CIT Bank, N.A.; U.S. Bank National Association; BNP Paribas; Stifel Bank & Trust; Seaside National Bank & Trust; and Liberty Bank. On December 23, 2020, financial close was reached on a deal in which a syndicate of 26 banks — including ICBC — entered into a $4.025 billion USD syndicated loan agreement with FS KKR Capital Corp. and FS KKR Capital Corp. II — two U.S.-based business development companies managed by FS/KKR Advisor, LLC that provide customized credit solutions to middle-market companies. 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 general corporate purposes. While ICBC contributed to this loan (Record ID#109799), the following lenders also participated: JPMorgan Chase Bank, N.A.; ING Capital LLC; Bank of Montreal; Truist Bank; MUFG Union Bank, N.A.; Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd.; HSBC Bank USA, N.A.; Bank of America, N.A.; Citibank, N.A.; Credit Suisse AG, Cayman Islands Branch; Royal Bank of Canada; Goldman Sachs Bank USA; State Street Bank and Trust Company; Barclays Bank PLC; Morgan Stanley Senior Funding, Inc.; Société Générale; Deutsche Bank AG New York Branch; Cadence Bank, N.A.; U.S. Bank National Association; BNP Paribas; Stifel Bank & Trust; and Liberty Bank.
Staff comments
1. The entirety of the 2019 loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1422183/000119312519290626/d801273dex101.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/lwhpba0sjdwf4m6etiqtu/Source_ID_223484.pdf?rlkey=i65rkk1u6m8l0i4sp3h6rlmb6&st=f3foqvkd&dl=0 2. FS/KKR-managed entities are U.S.-based business development companies that focus on delivering flexible capital to private equity-backed and middle-market borrowers in the United States. Their investment strategies emphasize income generation and capital preservation. 3. AidData cannot estimate the interest rates because the combined debt amount to the listed companies is unknown at the time. But it is known that the margin for the LIBOR-based interest rate ranges between 0.85% to 2.25%. 4. The entirety of the 2018 loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1422183/000119312518244354/d567565dex1021.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/g6r7ti8yq2hi3il6mfaie/Source_ID_223483.pdf?rlkey=7oupfbcbvtmy49zaxdk2uvn6y&st=99zkodli&dl=0 5. The individual contributions of the 26 lenders to this $3.89 billion USD syndicated RCF are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($149615384.62 USD) to the loan syndicate.