ABC contributes to $10.5 billion USD 5-year syndicated revolving credit facility to General Motors Holding and subsidiaries for general corporate and working capital purposes in 2016 (Linked to Record ID# #110141, #110143 and #110144)

Project narrative

On October 27, 2010, financial close was reached on a deal in which a syndicate of 24 banks — including ICBC — entered into a $5 billion USD syndicated revolving credit facility with General Motors Holdings LLC — a Michigan-based subsidiary of General Motors Company, primarily involved in automotive manufacturing and financing — for general corporate and working capital purposes. 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, including working capital, which may encompass debt refinancing, operations support, and short-term liquidity improvements. While ICBC contributed to this loan (Record ID#110124), the following lenders also participated: Citibank, N.A.; Bank of America, N.A.; Barclays Bank PLC; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; JPMorgan Chase Bank, N.A.; Morgan Stanley Bank, N.A.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; UBS Loan Finance LLC; Banco Bradesco S.A., New York Branch; CIBC Inc.; Commerzbank AG New York and Grand Cayman Branches; Banco do Brasil S.A., New York Branch; Banco Itaú Europa, S.A. – Sucursal Financeira Internacional; The Bank of New York Mellon; Lloyds TSB Bank Plc; Bangkok Bank Public Company Limited New York Branch; The Bank of Nova Scotia; Sumitomo Mitsui Banking Corporation; U.S. Bank National Association; and Caixa d’Estalvis i Pensions de Barcelona, “la Caixa”. On November 5, 2012, a new syndicated loan was signed to replace the 2010 facility. The $5.5 billion USD 3-year revolving credit agreement — entered into by General Motors Holdings LLC and its subsidiaries General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA — was again intended for general corporate and working capital purposes. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including working capital. While Chinese banks including ICBC (Record ID#110125), Agricultural Bank of China (Record ID#110126), and Bank of China contributed to this loan (Record ID#110127), the following lenders also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil, S.A.; Citibank, N.A.; Lloyds TSB Bank PLC; Toronto Dominion (Texas) LLC; Banco Bradesco S.A.; Barclays Bank PLC; BNP Paribas; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; Bank of America, N.A.; Royal Bank of Canada (including its London Branch); Morgan Stanley Bank, N.A.; UBS AG Stamford Branch; The Royal Bank of Scotland PLC; Bangkok Bank Public Company Limited New York Branch; Banco Itaú BBA International S.A.; Bank of Montreal Chicago Branch; The Bank of New York Mellon; Bank of Nova Scotia; Canadian Imperial Bank of Commerce New York Agency; Commerzbank AG; Capital One, N.A.; Commonwealth Bank of Australia; DBS Bank Ltd.; Intesa Sanpaolo S.p.A.; UniCredit Bank AG; PNC Bank National Association; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; and U.S. Bank National Association. Also on November 5, 2012, a second syndicated revolving credit facility of $5.5 billion USD was executed — with a longer maturity of 5 years — between General Motors Holdings LLC and its subsidiaries General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA. Like the previous two facilities, this loan was also for general corporate and working capital purposes. The interest rate is LIBOR plus an applicable margin. The proceeds were used for the same general corporate purposes. While Chinese banks including ICBC (Record ID#110128), Agricultural Bank of China (Record ID#110129), and Bank of China contributed to this loan (Record ID#110130), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Lloyds TSB Bank PLC; Toronto Dominion (Texas) LLC; Banco do Brasil, New York Branch; Banco Bradesco S.A., New York Branch; Barclays Bank PLC; BNP Paribas; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; Bank of America, N.A.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; The Royal Bank of Scotland PLC; UBS AG, Stamford Branch; UBS Loan Finance LLC; Banco Itaú BBA International, S.A. – London Branch; Bangkok Bank Public Company Limited New York Branch; Bank of Montreal, Chicago Branch; The Bank of New York Mellon; The Bank of Nova Scotia; Canadian Imperial Bank of Commerce, New York Agency; Capital One, N.A.; Commerzbank AG; Commonwealth Bank of Australia; DBS Bank Ltd., Los Angeles Agency; Intesa Sanpaolo S.p.A., New York Branch; PNC Bank, National Association; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; UniCredit Bank AG, New York Branch; and U.S. Bank National Association. On October 17, 2014, the 2012 credit facilities were replaced and restated. General Motors Company and its subsidiaries — General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA — entered into a new 3-year revolving credit agreement worth $5 billion USD. The interest rate remains LIBOR plus an applicable margin. The proceeds continued to be used for general corporate purposes, including working capital. While Chinese banks including ICBC (Record ID#110131), Agricultural Bank of China (Record ID#110132), and Bank of China contributed to this loan (Record ID#110133), the following 39 banks also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Lloyds Bank PLC; Toronto Dominion (Texas) LLC; Banco Bradesco S.A., New York Branch; Barclays Bank PLC; BNP Paribas; Commerzbank AG; Commerzbank AG Filiale Luxemburg; Crédit Agricole Corporate & Investment Bank; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; Royal Bank of Canada (including its London branch); The Royal Bank of Scotland PLC; Société Générale; Banco Bilbao Vizcaya Argentaria S.A.; Bangkok Bank Public Company Limited New York Branch; Bank of Montreal Chicago Branch; Canadian Imperial Bank of Commerce; Capital One, N.A.; Commonwealth Bank of Australia; DBS Bank Ltd.; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; PNC Bank, National Association; Santander Bank, N.A.; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; UniCredit Bank AG; U.S. Bank National Association; and Westpac Banking Corporation. Also on October 17, 2014, a parallel 5-year revolving credit facility for $7.5 billion USD was signed by the same General Motors entities. This facility, like the 3-year one, was used for general corporate and working capital purposes, with an interest rate of LIBOR plus an applicable margin. While Chinese banks including ICBC (Record ID#110134), Agricultural Bank of China (Record ID#110135), and Bank of China contributed to this loan (Record ID#110136), the following 37 banks also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Lloyds Bank PLC; Toronto Dominion (Texas) LLC; Banco Bradesco S.A.; Barclays Bank PLC; BNP Paribas; Commerzbank AG; Crédit Agricole Corporate & Investment Bank; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; The Royal Bank of Scotland PLC; Société Générale; Banco Bilbao Vizcaya Argentaria S.A.; Bangkok Bank Public Company Limited New York Branch; Bank of Montreal Chicago Branch; Canadian Imperial Bank of Commerce; Capital One, N.A.; Commonwealth Bank of Australia; DBS Bank Ltd.; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; PNC Bank, National Association; Santander Bank, N.A.; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; UniCredit Bank AG; U.S. Bank National Association; and Westpac Banking Corporation. On May 26, 2016, financial close was reached on a deal in which a syndicate of 44 banks — including ICBC — entered into a $4 billion USD 3-year syndicated revolving credit facility with General Motors Company and its subsidiaries — General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA — for general corporate and working capital purposes. The maturity of the loan is 3 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used for general corporate purposes. While Chinese banks including ICBC (Record ID#110137), Agricultural Bank of China (Record ID#110138), Bank of China (Record ID#110139), and China Merchants Bank (Record ID#110140) contributed to the 3-year facility, the following 40 lenders also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Banco Bradesco S.A.; Banco Santander S.A.; Bangkok Bank Public Company Limited; Bank of Montreal; Barclays Bank PLC; Bayerische Landesbank; BNP Paribas; Canadian Imperial Bank of Commerce; Citizens Bank, N.A.; Commerzbank AG; Commerzbank AG Filiale Luxemburg; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank AG; Fifth Third Bank; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; Lloyds Bank PLC; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; PNC Bank; Royal Bank of Canada; Société Générale; Standard Chartered Bank; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; The Royal Bank of Scotland PLC; Toronto Dominion (Texas) LLC; UniCredit Bank AG; United Overseas Bank Limited; U.S. Bank National Association; and Westpac Banking Corporation. Also on May 26, 2016, financial close was reached on a second syndicated facility — a $10.5 billion USD 5-year revolving credit facility — between the same General Motors entities and a syndicate of 44 banks. Like the 3-year facility, this loan was used for general corporate and working capital purposes. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used for general corporate purposes. While Chinese banks including ICBC (Record ID#110141), Agricultural Bank of China (Record ID#110142), Bank of China (Record ID#110143), and China Merchants Bank (Record ID#110144) contributed to the 5-year facility, the following 40 lenders also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Banco Bradesco S.A.; Banco Santander S.A.; Bangkok Bank Public Company Limited; Bank of Montreal; Barclays Bank PLC; Bayerische Landesbank; BNP Paribas; Canadian Imperial Bank of Commerce; Citizens Bank, N.A.; Commerzbank AG; Commerzbank AG Filiale Luxemburg; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank AG; Fifth Third Bank; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; Lloyds Bank PLC; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; PNC Bank; Royal Bank of Canada; Société Générale; Standard Chartered Bank; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; The Royal Bank of Scotland PLC; Toronto Dominion (Texas) LLC; UniCredit Bank AG; United Overseas Bank Limited; U.S. Bank National Association; and Westpac Banking Corporation. On April 18, 2018, financial close was reached on a $4 billion USD 3-year syndicated revolving credit facility between General Motors Holdings LLC and its subsidiaries — General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA — and a syndicate of 45 banks. The facility was used for general corporate and working capital purposes. The interest rate was LIBOR plus an applicable margin. The proceeds were used for general corporate purposes, including ongoing working capital needs. While Chinese banks including ICBC (Record ID#110145), Agricultural Bank of China (Record ID#110146), Bank of China (Record ID#110147), and China Merchants Bank (Record ID#110148) contributed to the 3-year facility, the following 41 other lenders also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Banco Bradesco S.A.; Banco Santander S.A.; Bangkok Bank Public Company Limited; Bank of Montreal; Barclays Bank PLC; Bayerische Landesbank; BNP Paribas; Canadian Imperial Bank of Commerce; Citizens Bank, N.A.; Commerzbank AG; Commerzbank AG Filiale Luxemburg; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank AG; Fifth Third Bank; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; Lloyds Bank PLC; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; PNC Bank; Royal Bank of Canada; Société Générale; Standard Chartered Bank; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; The Royal Bank of Scotland PLC; Toronto Dominion (Texas) LLC; UniCredit Bank AG; United Overseas Bank Limited; U.S. Bank National Association; and Westpac Banking Corporation. Also on April 18, 2018, financial close was reached on a $10.5 billion USD 5-year syndicated revolving credit facility between General Motors Holdings LLC and its subsidiaries — General Motors Financial Company, Inc., GM Europe Treasury Company AB, and General Motors do Brasil LTDA — and a syndicate of 45 banks. This facility was used for general corporate and working capital purposes. The interest rate was LIBOR plus an applicable margin. The proceeds were used for general corporate purposes, including ongoing working capital needs. While Chinese banks including ICBC (Record ID#110149), Agricultural Bank of China (Record ID#110150), Bank of China (Record ID#110151), and China Merchants Bank (Record ID#110152) contributed to the 5-year facility, the following 41 other lenders also participated: JPMorgan Chase Bank, N.A.; Banco do Brasil S.A.; Citibank, N.A.; Bank of America, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Banco Bradesco S.A.; Banco Santander S.A.; Bangkok Bank Public Company Limited; Bank of Montreal; Barclays Bank PLC; Bayerische Landesbank; BNP Paribas; Canadian Imperial Bank of Commerce; Citizens Bank, N.A.; Commerzbank AG; Commerzbank AG Filiale Luxemburg; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank AG; Fifth Third Bank; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Itaú Unibanco S.A.; Lloyds Bank PLC; Mizuho Bank, Ltd.; Morgan Stanley Bank, N.A.; PNC Bank; Royal Bank of Canada; Société Générale; Standard Chartered Bank; State Street Bank and Trust Company; Sumitomo Mitsui Banking Corporation; The Bank of New York Mellon; The Bank of Nova Scotia; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; The Royal Bank of Scotland PLC; Toronto Dominion (Texas) LLC; UniCredit Bank AG; United Overseas Bank Limited; U.S. Bank National Association; and Westpac Banking Corporation. On April 7, 2021, General Motors Company and its subsidiary General Motors Financial Company, Inc. renewed a 3-year, $4.3 billion USD syndicated revolving credit facility with a group of 41 lenders. The loan was intended for general corporate and working capital purposes. The interest rate was LIBOR plus an applicable margin. The proceeds were used for general corporate purposes, including financing day-to-day operations, liquidity needs, and refinancing of existing credit lines. While Chinese banks including ICBC (Record ID#110153), Agricultural Bank of China (Record ID#110154), Bank of China (Record ID#110155), and China CITIC Bank (Record ID#110156) contributed to this facility, the following lenders also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; The Bank of Nova Scotia; Barclays Bank PLC; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Canadian Imperial Bank of Commerce; Citizens Bank, N.A.; Commerzbank AG; Deutsche Bank AG; Fifth Third Bank, N.A.; First Abu Dhabi Bank USA, N.V.; DBS Bank Ltd.; Bank of Montreal; Citibank, N.A.; Goldman Sachs Bank USA; ING Bank N.V.; Intesa Sanpaolo S.p.A.; Wells Fargo Bank, N.A.; Lloyds Bank Corporate Markets plc; Mashreqbank psc; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; Morgan Stanley Bank, N.A.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; Santander Bank, N.A.; Société Générale; Bangkok Bank Public Company Limited; State Street Bank and Trust; Sumitomo Mitsui Banking Corporation; Truist Bank; The Toronto-Dominion Bank; UniCredit Bank AG; United Overseas Bank Limited; and U.S. Bank National Association. On March 31, 2023, General Motors Company and its subsidiary General Motors Financial Company, Inc. renewed their existing syndicated revolving credit facilities, entering into a 3-year, $4.1 billion USD facility with a group of 44 lenders. The facility is unsecured and was structured to support general corporate and working capital purposes. The interest rate is based on LIBOR (or its successor benchmark) plus an applicable margin. The proceeds were used for general corporate purposes, including working capital needs, balance sheet flexibility, and refinancing of existing facilities. While Chinese banks including ICBC (Record ID#110157), Agricultural Bank of China (Record ID#110158), Bank of China (Record ID#110159), China CITIC Bank (Record ID#110160), and China Construction Bank (Record ID#110161) contributed to the 3-year facility, the following 39 other lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Deutsche Bank AG; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; Morgan Stanley Bank, N.A.; Banco Santander S.A.; Société Générale; Sumitomo Mitsui Banking Corporation; The Bank of Nova Scotia; The Toronto-Dominion Bank; Lloyds Bank Corporate Markets plc; Canadian Imperial Bank of Commerce; UniCredit Bank AG; DBS Bank Ltd.; MUFG Bank Ltd.; U.S. Bank National Association; Commerzbank AG; Wells Fargo Bank; Truist Bank; Bank of Montreal; Banco Bradesco S.A.; ING Bank N.V.; The Bank of New York Mellon; Mashreqbank psc; State Street Bank and Trust Company; Citizens Bank, N.A.; Fifth Third Bank; First Abu Dhabi Bank USA N.V.; United Overseas Bank Limited; and Bangkok Bank Public Company Limited. Also on March 31, 2023, General Motors Company and its subsidiary General Motors Financial Company, Inc. renewed their existing syndicated revolving credit facilities, entering into a 5-year, $10 billion USD facility with the same group of 44 lenders. This facility was also unsecured and intended for general corporate and working capital purposes. The interest rate is based on LIBOR (or its successor benchmark) plus an applicable margin. The proceeds were used for general corporate purposes, including working capital needs, balance sheet flexibility, and refinancing of existing facilities. While Chinese banks including ICBC (Record ID#110162), Agricultural Bank of China (Record ID#110163), Bank of China (Record ID#110164), China CITIC Bank (Record ID#110165), and China Construction Bank (Record ID#110166) contributed to the 5-year facility, the same 39 other lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A.; Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Crédit Agricole Corporate and Investment Bank; Deutsche Bank AG; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A.; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; Morgan Stanley Bank, N.A.; Banco Santander S.A.; Société Générale; Sumitomo Mitsui Banking Corporation; The Bank of Nova Scotia; The Toronto-Dominion Bank; Lloyds Bank Corporate Markets plc; Canadian Imperial Bank of Commerce; UniCredit Bank AG; DBS Bank Ltd.; MUFG Bank Ltd.; U.S. Bank National Association; Commerzbank AG; Wells Fargo Bank; Truist Bank; Bank of Montreal; Banco Bradesco S.A.; ING Bank N.V.; The Bank of New York Mellon; Mashreqbank psc; State Street Bank and Trust Company; Citizens Bank, N.A.; Fifth Third Bank; First Abu Dhabi Bank USA N.V.; United Overseas Bank Limited; and Bangkok Bank Public Company Limited.