Bank of China contributes to $6.4 billion USD syndicated loan to Brookfield Property and its subsidiaries for general corporate and working capital purposes in 2018 (Linked to Record ID#110446)

Project narrative

On August 24, 2018, financial close was reached on a deal in which a syndicate of 23 banks — including Bank of China — entered into a $6,400,000,000 USD syndicated loan agreement with Brookfield Property REIT Inc. — a subsidiary of Canadian company Brookfield Asset Management —and its subsidiaries GGP Nimbus, LLC, GGP Limited Partnership LLC, GGSI SellCo, LLC, GGPLP Real Estate 2010 Loan Pledgor Holding, LLC, GGPLPLLC 2010 Loan Pledgor Holding, LLC, GGPLP 2010 Loan Pledgor Holding, LLC, GGPLP L.L., and Brookfield Retail Holdings VII Sub 3 LLC — a U.S.-based real estate investment trust and subsidiary of Brookfield Property Partners that owns and operates retail properties. This loan was divided into four tranches: Term A-1 Facility ($900,000,000 USD), Term A-2 Facility ($2,000,000,000 USD), Term B Facility ($2,000,000,000 USD), and a Revolving Facility with a $1,500,000,000 USD commitment. The Term A-1 Facility is scheduled to mature in 3 years, the Term A-2 Facility in 5 years, the Term B Facility in 7 years, and the Revolving Facility in 4 years. The interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower (i) on the closing date to fund original issue discounts and upfront fees, (ii) to pay transaction costs, (iii) in an amount up to $350,000,000 USD to fund a portion of the transactions and for working capital and other general corporate purposes, and (iv) at the borrower’s election, to prepay indebtedness and other obligations under a previous term loan agreement. While Bank of China contributed to this loan (Record ID#110445), Bank of China (Canada) contributed to this loan (Record ID#110446), the following lenders also participated: Wells Fargo Bank, N.A.; Morgan Stanley Senior Funding, Inc.; Morgan Stanley Bank, N.A.; Deutsche Bank AG New York Branch; Royal Bank of Canada; Bank of America, N.A.; Barclays Bank PLC; HSBC Bank USA, N.A.; Sumitomo Mitsui Banking Corporation; The Toronto-Dominion Bank, New York Branch; Citibank, N.A.; U.S. Bank National Association; Mizuho Bank, Ltd.; National Bank of Canada; MUFG Union Bank, N.A.; Société Générale; Natixis New York Branch; Compass Bank; Credit Suisse AG, Cayman Islands Branch; Bank of Hawaii; MidFirst Bank; and Seaside National Bank & Trust.