Bank of China contributes $127.5 million USD to $2.5 billion USD syndicated revolving credit facility to ERP Operating Limited Partnership for general corporate purposes in 2022

Project narrative

On October 26, 2022, financial close was reached on a deal in which a syndicate of 19 banks — including Bank of China — entered into a $2.5 billion USD syndicated loan agreement with ERP Operating Limited Partnership — a U.S.-based real estate investment trust focused on apartment properties — for general corporate purposes, including the acquisition of real estate properties. This loan was divided into two tranches: Tranche A consisted of $500 million USD in alternative currency commitments, and Tranche B consisted of $2 billion USD in dollar commitments. The maturity of the loan is 5 years, and the interest rate is SOFR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including the acquisition of real estate properties. While Bank of China contributed $127.5 million USD to this loan, the following lenders also participated: JPMorgan Chase Bank ($175M), Bank of America ($175M), Wells Fargo Bank ($175M), Barclays Bank PLC ($148.5M), Citibank ($148.5M), Morgan Stanley Bank ($148.5M), Royal Bank of Canada ($148.5M), U.S. Bank National Association ($148.5M), Deutsche Bank AG ($145M), Mizuho Bank ($127.5M), PNC Bank ($127.5M), Regions Bank ($127.5M), TD Bank ($127.5M), The Bank of Nova Scotia ($127.5M), Truist Bank ($127.5M), The Bank of New York Mellon ($72.5M), Bank of Montreal ($72.5M), and Associated Bank ($50M).