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Overview

ICBC contributes to $2 billion USD syndicated revolving credit facility to Booking Holding for general corporate and working capital purposes in 2019

Commitments (Constant USD, 2023)$159,690,383
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 14, 2019
Last repayment (originally scheduled)
Aug 12, 2024

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Deutsche Bank AG
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mizuho Bank, Ltd.
  • Standard Chartered Bank PLC
  • TD Bank, N.A.
  • U.S. Bank National Association
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • Booking Holding Inc.

Loan description

ICBC contributes to $2 billion USD syndicated revolving credit facility to Booking Holding for general corporate and working capital purposes in the United States in 2019

Interest rate (t₀)•3.07988%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On August 14, 2019, financial close was reached on a deal in which a syndicate of 13 banks — including ICBC — entered into a $2 billion USD senior, unsecured revolving credit facility agreement with Booking Holdings Inc., an American online travel services company headquartered in Norwalk, Connecticut, which owns and operates travel fare aggregators and travel fare metasearch engines including Booking.com, Priceline, and Kayak. The loan has a five-year maturity, and the interest rate was LIBOR plus 100 basis points. The proceeds were used to finance the company’s working capital needs and for general corporate purposes. While ICBC contributed to this loan, the following lenders also participated: JPMorgan Chase Bank, N.A. (Administrative Agent, Swingline Lender, and Issuing Bank), Bank of America, N.A. (Syndication Agent and Issuing Bank), Citibank, N.A. (Issuing Bank), Deutsche Bank AG New York Branch (Issuing Bank), U.S. Bank National Association (Issuing Bank), BNP Paribas (Issuing Bank), TD Bank, N.A. (Issuing Bank), Wells Fargo Bank, National Association (Issuing Bank), HSBC Bank USA, Goldman Sachs Bank USA, Standard Chartered Bank, and Mizuho Bank, Ltd.

Staff comments

1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1075531/000107553119000047/a2019creditagreement.htm 2. Booking Holdings Inc. is an American online travel services company headquartered in Norwalk, Connecticut. It operates well-known travel booking platforms such as Booking.com, Priceline, Agoda, Kayak, and OpenTable, providing accommodation reservations, rental cars, flights, and restaurant bookings worldwide. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in August 2019 and the stated margin of 1.00% 4. The individual contributions of the 13 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 ($153,846,153.85 USD) to the loan syndicate.