Narrative
Full Description
Project narrative
On January 14, 2019, financial close was reached on a deal in which a syndicate of 22 banks — including ICBC — entered into a $3.0 billion USD syndicated loan agreement with General Motors Company, an American multinational automotive manufacturing company headquartered in Detroit, Michigan — for 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 by the borrower for working capital purposes. While ICBC contributed to this loan (Record ID#110166), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Bank of America, N.A.; Barclays Bank PLC; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; BNP Paribas; Commerzbank AG, New York Branch; Crédit Agricole Corporate and Investment Bank; Deutsche Bank AG, New York Branch; Goldman Sachs Bank USA; Intesa Sanpaolo S.p.A., New York Branch; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; NatWest Markets Plc; National Westminster Bank Plc; Sumitomo Mitsui Banking Corporation; Société Générale; The Toronto-Dominion Bank, New York Branch; The Bank of Nova Scotia; and Wells Fargo Bank, N.A.
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1467858/000119312519008995/d503039dex101.htm 2. General Motors Holdings LLC is a wholly-owned subsidiary of General Motors Company, one of the largest automobile manufacturers in the world. Headquartered in Detroit, Michigan, GM designs, manufactures, and sells vehicles and vehicle parts worldwide, operating well-known brands like Chevrolet, GMC, Cadillac, and Buick. In 2009, after the company declared bankruptcy, the U.S. Treasury bailed it out and injected billions to salvage the company. As a result, the new GM was born while several old brands under the old company were retired. 3. AidData cannot estimate the interest rate because GM requested confidential treatment to its interest rate calculations. 4. This loan is an independent stand-alone credit that is different from the other three year maturity loans. 4. The individual contributions of the 22 lenders to this $3.0 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($136,363,636.36 USD) to the loan syndicate.