ICBC contributes $87.5 million USD to a $3 billion USD syndicated credit facility to Jabil for general corporate purposes in 2020 (Linked to Record ID#110506)

Project narrative

On January 22, 2020, financial close was reached on a deal in which a syndicate of 18 banks — including Bank of China and ICBC — entered into a $3 billion USD senior, unsecured credit agreement with Jabil Inc., an American manufacturing services company headquartered in St. Petersburg, Florida. The financing was structured into three components: (1) a five-year revolving credit facility of $2 billion USD, (2) a three-year revolving credit facility of $700 million USD, and (3) a five-year term loan of $300 million USD. The interest rate was LIBOR plus an applicable margin. The proceeds were used for general corporate purposes. While Bank of China, New York Branch contributed $92,592,592.59 USD to the five-year revolving credit facility, $32,407,407.41 USD to the three-year revolving credit facility, and $16,500,000 USD to the term loan (total $141,500,000 USD in Record ID#110506), and ICBC contributed $64,814,814.81 USD to the five-year revolving credit facility and $22,685,185.19 USD to the three-year revolving credit facility (total $87,500,000 USD in Record ID#110507), the following lenders also participated: Citibank, N.A.; Bank of America, N.A.; BNP Paribas; JPMorgan Chase Bank, N.A.; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; Banco Santander, S.A., New York Branch; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd.; PNC Bank, National Association; U.S. Bank National Association; Wells Fargo Bank, National Association; HSBC Bank USA, N.A.; Standard Chartered Bank; and The Bank of Nova Scotia. On April 28, 2021, the parties entered into Amendment No. 1 to the credit agreement. Under the amendment, the Company requested that the Termination Date for any Tranche A lender be extended from January 22, 2025 to January 22, 2026, and the Termination Date for any Tranche B lender be extended from January 22, 2023 to January 22, 2024. Bank of China’s contribution to the rescheduling is recorded in Record ID#110508, as is ICBC’s contribution (Record ID#110509). The amendment also increased the Tranche B facility from $700 million USD to $1.2 billion USD. While Bank of China contributed $37,407,407.41 USD to this capital increase (Record ID#110510), ICBC contributed $27,685,185.19 USD (Record ID#110511). On February 10, 2023, the Company requested that the Termination Date for any Tranche A lender be extended from January 22, 2026 to January 22, 2027, and the Termination Date for any Tranche B lender be extended from January 22, 2024 to January 22, 2025. Bank of China’s contribution to this debt rescheduling is recorded in Record ID#110512, as is ICBC’s contribution (Record ID#110513)