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Overview

Bank of China contributes to $700 million USD syndicated revolving credit facility to TPG subsidiaries for debt refinancing and general corporate purposes in 2022

Commitments (Constant USD, 2023)$50,880,261
Commitment Year•2022Country 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
Jul 15, 2022
Last repayment (originally scheduled)
Jul 14, 2027

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of America, N.A.
  • Barclays Bank PLC
  • Citibank, N.A.
  • Credit Suisse AG
  • Deutsche Bank AG
  • Goldman Sachs Bank USA
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Morgan Stanley Bank, N.A.
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Toronto-Dominion Bank (TD Bank Group)
  • UBS Loan Finance LLC
  • Wells Fargo Bank N.A.

Receiving agencies

Private Sector

  • TPG Holdings II Sub, L.P.
  • TPG Operating Group I, L.P
  • TPG Operating Group II, L.P.
  • TPG Operating Group III, L.P.

Loan description

Bank of China contributes to $700 million USD syndicated revolving credit facility to TPG subsidiaries for refinancing and general corporate purposes in 2022

Interest rate (t₀)•4.15661%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On July 15, 2022, financial close was reached on a deal in which a syndicate of 13 banks — including Bank of China — entered into a $700 million USD amended and restated revolving credit facility with TPG Operating Group I, L.P., TPG Operating Group II, L.P., TPG Operating Group III, L.P., and TPG Holdings II Sub, L.P. (collectively, the "Co-Borrowers"). These entities form part of TPG Inc., a U.S.-based global alternative asset management firm headquartered in Fort Worth, Texas and San Francisco, California. The loan's maturity is 5 years and the interest rate was SOFR plus an applicable margin. The use of proceeds is for debt refinancing and general corporate purposes. While Bank of China participated in this loan, the following lenders also participated: Bank of America, N.A.; Citibank, N.A.; JPMorgan Chase Bank, N.A.; Wells Fargo Bank, N.A.; Goldman Sachs Bank USA; Goldman Sachs Lending Partners LLC; Barclays Bank PLC; Credit Suisse AG, New York Branch; Deutsche Bank AG, New York Branch; Morgan Stanley Bank, N.A.; Sumitomo Mitsui Banking Corporation; The Toronto-Dominion Bank, New York Branch; and UBS AG, Stamford Branch.

Staff comments

1. The entirety of the loan contract can be accessed at https://shareholders.tpg.com/static-files/c7ac4866-132c-488a-8551-f8cdc922b520 2. TPG Inc. is a leading global alternative asset manager headquartered in the United States, offering investment strategies across a broad range of asset classes including private equity, real estate, credit, and public equity. It was founded in 1992 and has offices worldwide. 3. AidData estimates the interest rate by adding the 6-month average SOFR rate in July 2022 and an applicable margin based on TPG’s credit rating at the time (assumed BBB or 1.125%) 4. The individual contributions of the 13 lenders to this $700 million USD syndicated loan are not disclosed. For the time being, AidData has estimated the contribution of Bank of China by assuming that each lender contributed an equal amount ($53,846,153.85 USD) to the loan syndicate.