ICBC contributes to debt rescheduling — via 0.96 year maturity extension — to $1.17 billion USD syndicated revolving credit facility to TPG Specialty Lending for general corporate purposes in 2020 (Linked to Record ID#110616 and #110618)

Project narrative

On February 14, 2019, financial close was reached on a deal in which a syndicate of 18 banks — including ICBC — entered into a $1.17 billion USD syndicated revolving credit facility with TPG Specialty Lending, Inc., a New York-based business development company that provides middle-market financing solutions to U.S. companies. The loan's maturity is 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes. This agreement represents the 8th amendment to the original facility, which was signed on February 27, 2014 and did not include any Chinese bank participation. While ICBC contributed $75 million USD to this loan (Record ID#110616), the following lenders also participated: JPMorgan Chase Bank, N.A. ($120 million), State Street Bank and Trust Company ($120 million), SunTrust Bank ($120 million), Bank of America, N.A. ($100 million), Sumitomo Mitsui Banking Corporation ($100 million), Mizuho Bank, Ltd. ($75 million), Santander Bank, NA ($75 million), HSBC Bank USA, N.A. ($70 million), Citibank, N.A. ($60 million), CIT Finance LLC ($50 million), Goldman Sachs Bank USA ($50 million), Morgan Stanley Bank, N.A. ($50 million), BankUnited, N.A. ($25 million), Signature Bank ($25 million), Comerica Bank ($20 million), Stifel Bank & Trust ($20 million), and City National Bank ($15 million). On January 31, 2020, the parties entered into an amendment in which they extended the maturity to January 31, 2025. ICBC's contribution is recorded in Record ID#110617. On February 5, 2021, the parties entered into an amendment in which they extended the maturity to February 5, 2026. ICBC's contribution is recorded in Record ID#110618.