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Overview

Bank of China contributes $50 million USD to $1.5 billion USD syndicated revolving credit facility to Albemarle Corporation for general corporate and debt refinancing purposes in 2022

Commitments (Constant USD, 2023)$47,245,957
Commitment Year•2022Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 28, 2022
Last repayment (originally scheduled)
Oct 27, 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

  • Banco Santander, S.A. (Santander Group) (formerly Banco Santander Central Hispano, S.A.)
  • Bank of America, N.A.
  • Goldman Sachs Bank USA
  • HSBC Bank USA, N.A.
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • SunTrust Bank
  • The Northern Trust Company
  • Truist Bank, N.A.
  • U.S. Bank National Association

Receiving agencies

Private Sector

  • Albemarle Corporation

Loan description

BOC contributes to $1.5 billion USD syndicated revolving credit facility to Albemarle Corporation for general corporate and debt refinancing purposes in 2022

Interest rate (t₀)•5.55938%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On October 28, 2022, financial close was reached on a deal in which a syndicate of 12 banks — including Bank of China — entered into a $1,500,000,000 USD syndicated loan agreement with Albemarle Corporation — a specialty chemicals manufacturing company headquartered in Charlotte, North Carolina, United States. This agreement amended the company’s 2018 Credit Agreement and provides for revolving, unsecured borrowings maturing on October 28, 2027. The interest rate is SOFR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $50,000,000 USD to this loan (Record ID#110667), the following lenders also participated: Bank of America, N.A. ($170,000,000 USD), JPMorgan Chase Bank, N.A. ($170,000,000 USD), HSBC Bank USA, National Association ($170,000,000 USD), Mizuho Bank, Ltd. ($170,000,000 USD), Banco Santander, S.A., New York Branch ($120,000,000 USD), Goldman Sachs Bank USA ($120,000,000 USD), MUFG Bank, Ltd. ($120,000,000 USD), Sumitomo Mitsui Banking Corporation ($120,000,000 USD), Truist Bank ($120,000,000 USD), U.S. Bank National Association ($120,000,000 USD), and The Northern Trust Company ($50,000,000 USD).

Staff comments

1. The entirety of the loan contracts can be accessed at https://s201.q4cdn.com/960975307/files/doc_financials/2022/q3/bac1768a-4173-4b25-bd37-d7e29f780ffb.pdf 2. Albemarle Corporation is an American specialty chemicals manufacturing company headquartered in Charlotte, North Carolina. It operates globally and produces a wide range of products, including lithium, bromine, and catalysts, serving industries such as energy, electronics, and transportation. 3. AidData estimates the interest rates by taking the 6-month average SOFR rate in October 2022 and the applicable margin based on the credit rating (BBB or 1.125%).