Narrative
Full Description
Project narrative
On April 18, 2018, financial close was reached on a deal in which a syndicate of 31 banks — including ICBC — entered into a $2 billion USD 364-day syndicated revolving credit facility agreement with General Motors Company, headquartered in Detroit, Michigan, and its subsidiaries General Motors Financial Company, Inc. and GM Global Treasury Centre Limited — a multinational automotive manufacturer and financing provider. The maturity of the loan is 1 year, and the interest rate is LIBOR plus an applicable margin. The proceeds were to be used by GM Financial solely for general corporate purposes. General Motors Company guaranteed the facility. While ICBC contributed to this loan (Record ID#110182), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A. New York Branch; Bank of America, N.A.; Bank of Montreal, Chicago Branch; Barclays Bank PLC; BNP Paribas; Canadian Imperial Bank of Commerce, New York Branch; Commerzbank AG, New York Branch; Credit Agricole Corporate and Investment Bank; DBS Bank Ltd.; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; ING Bank N.V., Dublin Branch; Lloyds Bank PLC; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; MUFG Bank, Ltd.; Royal Bank of Canada; Santander Bank, N.A.; Societe Generale; Sumitomo Mitsui Banking Corporation; SunTrust Bank; The Bank of New York Mellon; The Bank of Nova Scotia; The Royal Bank of Scotland PLC; The Toronto-Dominion Bank, New York Branch; U.S. Bank National Association; UniCredit Bank AG, New York Branch; and Wells Fargo Bank, N.A. On April 16, 2019, financial close was reached on a deal in which a syndicate of 31 banks — including ICBC — entered into a $2 billion USD 364-day syndicated revolving credit facility agreement with General Motors Company, headquartered in Detroit, Michigan, and its subsidiaries General Motors Financial Company, Inc. and GM Global Treasury Centre Limited. This facility renewed and replaced the company’s 2018 364-day revolving credit facility. The maturity of the loan is 1 year, and the interest rate is LIBOR plus an applicable margin. The proceeds were to be used by GM Financial solely for general corporate purposes. General Motors Company guaranteed the facility. While ICBC contributed to this loan (Record ID#110184), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Commerzbank AG, New York Branch; Credit Agricole Corporate and Investment Bank; Deutsche Bank AG, New York Branch; Goldman Sachs Bank USA; Lloyds Bank Corporate Markets plc; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; National Westminster Bank Plc; Royal Bank of Canada; Societe Generale; Sumitomo Mitsui Banking Corporation; The Bank of Nova Scotia; The Toronto-Dominion Bank, New York Branch; Canadian Imperial Bank of Commerce, New York Branch; Bank of Montreal, Chicago Branch; DBS Bank Ltd.; MUFG Bank, Ltd.; Santander Bank, N.A.; SunTrust Bank; UniCredit Bank AG, New York Branch; U.S. Bank National Association; ING Bank N.V., Dublin Branch; The Bank of New York Mellon; and Wells Fargo Bank, N.A. On May 13, 2020, financial close was reached on a deal in which a syndicate of 26 banks — including Agricultural Bank of China — entered into a $2 billion USD 364-day syndicated revolving credit facility agreement with General Motors Company, headquartered in Detroit, Michigan, and its subsidiaries General Motors Financial Company, Inc. and GM Global Treasury Centre Limited. The maturity of the loan is 1 year, and the interest rate is LIBOR plus an applicable margin. The proceeds were to be used by GM Financial solely for general corporate purposes. General Motors Company guaranteed the facility. While Agricultural Bank of China contributed to this loan (Record ID#110185), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Bank of America, N.A.; Barclays Bank PLC; BNP Paribas; Credit Agricole Corporate and Investment Bank; Deutsche Bank AG, New York Branch; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; Morgan Stanley Senior Funding, Inc.; Royal Bank of Canada; Societe Generale; Sumitomo Mitsui Banking Corporation; The Bank of Nova Scotia; The Toronto-Dominion Bank, New York Branch; Banco Santander, S.A., New York Branch; DBS Bank Ltd.; MUFG Union Bank, N.A.; NatWest Markets plc; National Westminster Bank plc; Intesa Sanpaolo, S.p.A., New York Branch; Truist Bank; Fifth Third Bank, N.A.; and United Overseas Bank Limited, New York Agency. In 2021 and 2022, the credit facility was renewed and restated but no Chinese banks were involved.
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1467858/000119312519107913/d734683dex101.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. The individual contributions of the 31 lenders to this $2 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 ($64,516,129.03 USD) to the loan syndicate.