Narrative
Full Description
Project narrative
On October 3, 2023, financial close was reached on a deal in which a syndicate of 21 banks — including ICBC — entered into a $6 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 SOFR plus an applicable margin. While ICBC contributed to this loan (Record ID#110186), the following lenders also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Banco Santander, 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; Intesa Sanpaolo S.p.A., New York Branch; Lloyds Bank plc; 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; 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/1467858/000119312523250325/d468612dex101.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 21 lenders to this $6 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 ($285714285.714 USD) to the loan syndicate.