Narrative
Full Description
Project narrative
On July 25, 2000, financial close was reached on a deal in which a syndicate of over 30 banks — including Bank of China — entered into a $1.7 billion USD syndicated loan agreement with The Williams Companies, Inc., along with its subsidiaries Texas Gas Transmission Corporation, Transcontinental Gas Pipe Line Corporation, and Northwest Pipeline Corporation — a U.S.-based energy infrastructure conglomerate headquartered in Tulsa, Oklahoma. The maturity of the loan was 364 days, 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 $17,531,250.00 USD to this loan, the following lenders also participated: Bank of Nova Scotia, Bank of America N.A., Bank One N.A., The Chase Manhattan Bank, Citibank N.A., Commerzbank AG, Credit Lyonnais, Fuji Bank Limited, National Westminster Bank PLC, ABN Amro Bank N.V., Bank of Montreal, The Bank of New York, Barclays Bank PLC, CIBC Inc., Credit Suisse First Boston, Royal Bank of Canada, Bank of Tokyo - Mitsubishi Ltd., Fleet National Bank, Societe Generale, The Industrial Bank of Japan Trust Company, Toronto Dominion (Texas) Inc., UBS AG (Stamford Branch), Wells Fargo Bank Texas N.A., Westdeutsche Landesbank, Credit Agricole Indosuez, SunTrust Bank, The Dai-Ichi Kangyo Bank Ltd., Arab Banking Corporation, Bank of Oklahoma, Banque Nationale De Paris, DG Bank, KBC Bank N.V., Sumitomo Bank Limited, Commerce Bank N.A., and RZB Finance LLC.
Staff comments
1. The entirety of the loan contract can be accessed at https://investor.williams.com/static-files/2f933b86-30fb-4e87-ae21-0cf36f0a76bb 2. The Williams Companies, Inc. is a U.S.-based energy company headquartered in Tulsa, Oklahoma. It focuses on natural gas processing and transportation infrastructure and owns and operates major pipelines including Transco and Northwest Pipeline. Texas Gas Transmission was a subsidiary at the time but was sold in 2003. 3. AidData estimates the interest rate by adding the 6-month average LIBOR rate in July 2000 and an average of applicable margin based on the company's investment-grade credit rating at the time (BBB+, betweem 0.625% and 0.75% so 0.6875%)