Bank of China contributes $60 million USD to $1.5 billion USD syndicated revolving credit facility to the Hershey Company for general corporate purposes in 2019 (Linked to Record ID#110568)

Project narrative

On July 2, 2019, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China — entered into a $1.5 billion USD syndicated revolving credit facility with The Hershey Company — a Pennsylvania-based multinational known for its chocolate, confectionery, and snack products. The maturity of the loan is 5 years, and the interest rate is LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes, including refinancing existing indebtedness and supporting working capital and other general business needs. While Bank of China contributed $60 million USD to this loan (Record ID#110567), the following lenders also participated: Bank of America, N.A. ($208 million USD), JPMorgan Chase Bank, N.A. ($208 million USD), Citibank, N.A. ($208 million USD), PNC Bank National Association ($208 million USD), Royal Bank of Canada ($208 million USD), U.S. Bank National Association ($125 million USD), Santander Bank, N.A. ($105 million USD), Canadian Imperial Bank of Commerce, New York Branch ($80 million USD), The Northern Trust Company ($65 million USD), and Banco Bradesco S.A., New York Branch ($25 million USD). On April 26, 2023, financial close was reached on a deal in which a syndicate of 10 banks — including Bank of China — entered into a $1.35 billion USD syndicated revolving credit facility with The Hershey Company — a Pennsylvania-based multinational known for its chocolate, confectionery, and snack products. The maturity of the loan is 5 years, and the interest rate is SOFR plus an applicable margin. This facility replaces the company’s $1.5 billion USD 2019 revolving credit agreement. The proceeds were used by the borrower for general corporate purposes, including refinancing of the 2019 revolving credit facility and supporting ongoing liquidity and business operations. While Bank of China contributed $95 million USD to this loan (Record ID#110568), the following lenders also participated: Bank of America, N.A. ($208 million USD), JPMorgan Chase Bank, N.A. ($208 million USD), Citibank, N.A. ($208 million USD), Royal Bank of Canada ($208 million USD), U.S. Bank National Association ($208 million USD), Canadian Imperial Bank of Commerce, New York Branch ($95 million USD), The Northern Trust Company ($65 million USD), CoBank, ACB ($30 million USD), and Banco Bradesco S.A., New York Branch ($25 million USD).