Bank of China contributes $20 million USD to $1 billion USD syndicated revolving credit facility to General Mills for general corporate purposes in 2014

Project narrative

On October 21, 2010, financial close was reached on a deal in which a syndicate of 22 banks — including Bank of China — entered into a $1.1 billion USD syndicated loan agreement with General Mills, a U.S.-based multinational manufacturer and marketer of branded consumer foods headquartered in Minneapolis, Minnesota. The loan’s maturity was 3 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. No further detail about the specific purpose was disclosed in the source. While Bank of China contributed $25,000,000 USD to this loan (Record ID#110711), the following lenders also participated: JPMorgan Chase Bank, N.A. ($70,000,000 USD), Bank of America, N.A. ($120,000,000 USD), Citibank, N.A. ($140,000,000 USD), CoBank, ACB ($100,000,000 USD), Barclays Bank PLC ($70,000,000 USD), Deutsche Bank AG New York Branch ($70,000,000 USD), Credit Suisse AG, Cayman Islands Branch ($47,500,000 USD), Goldman Sachs Bank USA ($47,500,000 USD), Morgan Stanley Bank, N.A. ($47,500,000 USD), U.S. Bank National Association ($47,500,000 USD), Societe Generale Corporate & Investment Banking ($35,000,000 USD), The Bank of New York Mellon ($35,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($35,000,000 USD), Wells Fargo Bank, National Association ($35,000,000 USD), Australia and New Zealand Banking Group Limited ($25,000,000 USD), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($25,000,000 USD), Banco Santander S.A., New York Branch ($25,000,000 USD), Credit Agricole Corporate & Investment Bank ($25,000,000 USD), National Australia Bank Limited ($25,000,000 USD), Royal Bank of Canada ($25,000,000 USD), and Sumitomo Mitsui Banking Corporation ($25,000,000 USD). On April 16, 2012, financial close was reached on a deal in which a syndicate of 24 banks — including Bank of China — entered into a $1.7 billion USD syndicated loan agreement with General Mills, replacing the 2010 facility. The maturity of the loan was extended to 5 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $31,481,481.48 USD to this loan (Record ID#110712), the following lenders also participated: JPMorgan Chase Bank, N.A. ($125,925,925.92 USD), Bank of America, N.A. ($125,925,925.92 USD), Barclays Bank PLC ($125,925,925.92 USD), Citibank, N.A. ($125,925,925.92 USD), Deutsche Bank AG New York Branch ($125,925,925.92 USD), Credit Suisse AG, Cayman Islands Branch ($106,250,000.00 USD), Goldman Sachs Bank USA ($106,250,000.00 USD), Morgan Stanley Bank, N.A. ($106,250,000.00 USD), U.S. Bank National Association ($106,250,000.00 USD), BNP Paribas ($56,666,666.67 USD), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland” New York Branch ($56,666,666.67 USD), HSBC Bank USA, National Association ($56,666,666.67 USD), Société Générale ($56,666,666.67 USD), Sovereign Bank N.A. ($56,666,666.67 USD), Sumitomo Mitsui Banking Corporation ($56,666,666.67 USD), The Bank of New York Mellon ($56,666,666.67 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($56,666,666.67 USD), Wells Fargo Bank, N.A. ($56,666,666.67 USD), AgFirst Farm Credit Bank ($31,481,481.48 USD), National Australia Bank Limited ($18,888,888.89 USD), Standard Chartered Bank ($18,888,888.89 USD), Toronto Dominion (Texas) LLC ($18,888,888.89 USD), and CoBank, ACB ($15,740,740.74 USD). On May 23, 2014, financial close was reached on a deal in which a syndicate of 23 banks — including Bank of China — entered into a $1 billion USD syndicated loan agreement with General Mills. This facility replaced the 2012 agreement. The maturity of the loan was 5 years, and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general corporate purposes. While Bank of China contributed $20,000,000 USD to this loan (Record ID#110713), the following lenders also participated: JPMorgan Chase Bank, N.A. ($72,500,000 USD), Bank of America, N.A. ($72,500,000 USD), Barclays Bank PLC ($72,500,000 USD), Citibank N.A. ($72,500,000 USD), Deutsche Bank AG New York Branch ($72,500,000 USD), Credit Suisse AG, Cayman Islands Branch ($61,250,000 USD), Goldman Sachs Bank USA ($61,250,000 USD), Morgan Stanley Bank, N.A. ($61,250,000 USD), U.S. Bank National Association ($61,250,000 USD), BNP Paribas ($32,500,000 USD), HSBC Bank USA, National Association ($32,500,000 USD), Santander Bank, N.A. ($32,500,000 USD), Societe Generale ($32,500,000 USD), Sumitomo Mitsui Banking Corporation ($32,500,000 USD), The Bank of New York Mellon ($32,500,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($32,500,000 USD), Toronto Dominion (Texas) LLC ($32,500,000 USD), Wells Fargo Bank, National Association ($32,500,000 USD), AgFirst Farm Credit ($20,000,000 USD), ICICI Bank Limited, New York Branch ($20,000,000 USD), National Australia Bank Limited ($20,000,000 USD), and Standard Chartered Bank ($20,000,000 USD). On May 18, 2016, financial close was reached on a deal in which a syndicate of 22 banks — including Bank of China — entered into a $2.7 billion USD syndicated loan agreement with General Mills. This loan replaced the 2014 facility. The maturity of the loan was 5 years, and the interest rate was LIBOR 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#110714), the following lenders also participated: Bank of America, N.A. ($185,000,000 USD), JPMorgan Chase Bank, N.A. ($185,000,000 USD), Barclays Bank PLC ($185,000,000 USD), Citibank, N.A. ($185,000,000 USD), Deutsche Bank AG New York Branch ($185,000,000 USD), BNP Paribas ($150,000,000 USD), Credit Suisse AG, Cayman Islands Branch ($150,000,000 USD), Goldman Sachs Bank USA ($150,000,000 USD), Morgan Stanley Bank, N.A. ($150,000,000 USD), U.S. Bank, National Association ($150,000,000 USD), Wells Fargo Bank, National Association ($150,000,000 USD), The Bank of Tokyo-Mitsubishi UFJ, Ltd. ($112,500,000 USD), Toronto Dominion (Texas) LLC ($112,500,000 USD), Banco Santander, S.A. ($90,000,000 USD), HSBC Bank USA, National Association ($90,000,000 USD), Societe Generale ($90,000,000 USD), Sumitomo Mitsui Banking Corporation ($90,000,000 USD), The Bank of New York Mellon ($90,000,000 USD), AgFirst Farm Credit Bank ($50,000,000 USD), Banco Bradesco S.A., New York Branch ($50,000,000 USD), and Standard Chartered Bank ($50,000,000 USD). On May 18, 2017, the parties entered into an extension amendment in which they extended the maturity by one year to May 18, 2022. Bank of China's contribution is recorded in Record ID#110715. On April 12, 2021, financial close was reached on a deal in which a syndicate of 21 banks — including Bank of China — entered into a $2.7 billion USD syndicated loan agreement with General Mills. 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. While Bank of China contributed to this loan (Record ID#110716), the following lenders also participated: AgFirst Farm Credit Bank, Banco Bradesco S.A., New York Branch, Bank of America, N.A., Barclays Bank PLC, BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, Credit Suisse AG, New York Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., MUFG Bank, Ltd., PNC Bank, National Association, Sumitomo Mitsui Banking Corporation, The Bank of New York Mellon, The Toronto-Dominion Bank, New York Branch, U.S. Bank National Association, and Wells Fargo Bank, National Association.