Skip to content
AidData logo

Overview

Bank of China contributes $50 million USD to $3.2 billion USD syndicated revolving credit facility to the Boeing Company for general corporate purposes in 2019 (Linked to Record ID#110309 and #110311)

Commitments (Constant USD, 2023)$51,899,375
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 30, 2019
Last repayment (originally scheduled)
Oct 29, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America, N.A.
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • DBS Bank Ltd.
  • Deutsche Bank AG
  • First Abu Dhabi Bank USA N.V.
  • Goldman Sachs Bank USA
  • ICICI Bank Limited
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mizuho Bank, Ltd.
  • Morgan Stanley Bank, N.A.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Canada (RBC)
  • Société Générale S.A. (SocGen or Societe Generale)
  • State Street Bank and Trust Company (State Street Global Services)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • SunTrust Bank
  • The Northern Trust Company
  • Wells Fargo Bank N.A.

State-owned Banks

  • State Bank of India (SBI)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • The Boeing Company (TBC)

Loan description

BOC and ICBC contributions to $3.2 billion USD syndicated revolving credit facility to the Boeing Company for general corporate purposes in the United States in 2019

Interest rate (t₀)•2.7245%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On October 30, 2019, financial close was reached on a deal in which a syndicate of 35 banks — including Bank of China and ICBC — entered into a $3.2 billion USD syndicated revolving credit agreement with Boeing, an American multinational corporation headquartered in Arlington, Virginia, that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and telecommunications equipment — for general corporate purposes. The maturity of the loan is 3 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $50,000,000 USD to this loan (Record ID#110308), ICBC also contributed $50,000,000 USD (Record ID#110309). The following lenders also participated: Citibank, N.A. ($218,333,333.33 USD), JPMorgan Chase Bank, N.A. ($218,333,333.32 USD), Bank of America, N.A. ($166,666,666.67 USD), Deutsche Bank AG New York Branch ($166,666,666.67 USD), Mizuho Bank, Ltd. ($166,666,666.67 USD), Sumitomo Mitsui Banking Corporation ($166,666,666.67 USD), Wells Fargo Bank, National Association ($166,666,666.67 USD), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($116,666,666.67 USD), BNP Paribas ($116,666,666.67 USD), Commerzbank AG, New York Branch ($116,666,666.67 USD), MUFG Bank, Ltd. ($116,666,666.67 USD), Royal Bank of Canada ($116,666,666.67 USD), Societe Generale ($116,666,666.67 USD), Banco Santander, S.A., New York Branch ($100,000,000 USD), Barclays Bank PLC ($83,333,333.33 USD), Credit Agricole Corporate and Investment Bank ($83,333,333.33 USD), Credit Suisse AG Cayman Islands Branch ($83,333,333.33 USD), Goldman Sachs Bank USA ($83,333,333.33 USD), Morgan Stanley Bank, N.A. ($83,333,333.33 USD), DBS Bank Ltd. ($66,666,666.67 USD), U.S. Bank National Association ($66,666,666.67 USD), Australia and New Zealand Banking Group Limited ($50,000,000 USD), Lloyds Bank Corporate Markets, plc ($50,000,000 USD), Standard Chartered Bank ($50,000,000 USD), State Bank of India, New York Branch ($50,000,000 USD), SunTrust Bank ($50,000,000 USD), Westpac Banking Corporation ($50,000,000 USD), The Northern Trust Company ($40,000,000 USD), First Abu Dhabi Bank USA N.V. ($33,333,333.33 USD), Riyad Bank, Houston Agency ($33,333,333.33 USD), State Street Bank and Trust Company ($33,333,333.33 USD), ICICI Bank Limited, New York Branch ($20,000,000 USD), and Intesa Sanpaolo S.p.A New York Branch ($20,000,000 USD). On August 25, 2022, financial close was reached on a deal in which a syndicate of 31 banks — including Bank of China — entered into a $3 billion USD syndicated loan agreement with Boeing, an American multinational corporation headquartered in Arlington, Virginia, that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and telecommunications equipment — for general corporate purposes. The maturity of the loan is 3 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $28,977,272.73 USD to this loan (Record ID#110311), the following lenders also participated: Citibank, N.A. ($227,982,954.52 USD), JPMorgan Chase Bank, N.A. ($227,982,954.52 USD), Bank of America, N.A. ($197,727,272.73 USD), Wells Fargo Bank, National Association ($197,727,272.73 USD), BNP Paribas ($165,340,909.09 USD), Deutsche Bank AG New York Branch ($165,340,909.09 USD), Mizuho Bank, Ltd. ($165,340,909.09 USD), Sumitomo Mitsui Banking Corporation ($165,340,909.09 USD), Royal Bank of Canada ($153,409,090.91 USD), Credit Agricole Corporate and Investment Bank ($136,363,636.36 USD), Barclays Bank PLC ($122,727,272.73 USD), MUFG Bank, Ltd. ($112,500,000 USD), Societe Generale ($112,500,000 USD), Banco Santander, S.A. ($93,750,000 USD), Credit Suisse AG New York Branch ($93,750,000 USD), Goldman Sachs Bank USA ($93,750,000 USD), Morgan Stanley Bank, N.A. ($93,750,000 USD), DBS Bank Ltd. ($66,477,272.73 USD), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($63,068,181.82 USD), Commerzbank AG, New York Branch ($63,068,181.82 USD), Standard Chartered Bank ($42,613,636.36 USD), U.S. Bank National Association ($38,352,272.73 USD), The Northern Trust Company ($28,977,272.73 USD), Australia and New Zealand Banking Group Limited ($28,977,272.73 USD), Lloyds Bank Corporate Markets, plc ($28,977,272.73 USD), State Bank of India, New York Branch ($28,977,272.73 USD), Westpac Banking Corporation ($28,977,272.73 USD), First Abu Dhabi Bank USA N.V. ($18,750,000 USD), Riyad Bank, Houston Agency ($18,750,000 USD), and Bank of China, New York Branch ($28,977,272.73 USD).

Staff comments

1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/12927/000119312519282034/d824547dex103.htm 2. Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide. Founded in 1916 and headquartered in Arlington, Virginia, Boeing is one of the largest global aerospace manufacturers and a major defense contractor. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in October 2019 and an applicable margin based on Boeing’s credit rating at the time (A or 0.805%).