Skip to content

Overview

Bank of China contributes $17.53 million USD to $1.7 billion USD 364-day revolving credit facility to the Williams Companies and subsidiaries for general corporate purposes in 2000

Commitments (Constant USD, 2023)$41,556,942
Commitment Year2000Country of ActivityUnited StatesDirect Recipient Country of IncorporationUnited StatesOverseas JurisdictionUnited StatesSectorEnergyFlow TypeLoan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 25, 2000
Last repayment (originally scheduled)
Jul 25, 2001

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

  • ABN AMRO Bank NV
  • Bank of America, N.A.
  • Bank of New York Mellon Corporation (BNY Mellon)
  • Bank of Nova Scotia (Scotiabank)
  • Bank One, N.A. (later merged with JPMorgan Chase)
  • Barclays Bank PLC
  • BMO Financial Group (Bank of Montreal)
  • BNP Paribas S.A.
  • BOKF, N.A. (Bank of Oklahoma)
  • CIBC Inc.
  • Citibank, N.A.
  • Commerce Bank, N.A. (now part of TD Bank, N.A.)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Credit Suisse First Boston (CSFB) (CS First Boston)
  • Dai-Ichi Kangyo Bank (DKB)
  • DZ Bank AG
  • Fleet National Bank (now part of Bank of America)
  • Fuji Bank
  • Industrial Bank of Japan
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • KBC Bank N.V.
  • LCL S.A. (formerly Le Crédit Lyonnais)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Royal Bank of Canada (RBC)
  • RZB Finance LLC
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • SunTrust Bank
  • Toronto Dominion (Texas) LLC
  • UBS Group AG
  • Wells Fargo Bank N.A.
  • Westdeutsche Landesbank Girozentrale

State-owned Banks

  • Arab Banking Corporation (Bank ABC)
  • National Westminster Bank Plc (NatWest)

Receiving agencies

Private Sector

  • Northwest Pipeline Corporation
  • Texas Gas Transmission Corporation
  • The Williams Companies, Inc.
  • Transcontinental Gas Pipe Line Corporation

Loan description

Bank of China contributes $17.53 million USD to $1.7 billion USD 364-day revolving credit facility to the Williams Companies and subsidiaries for general corporate purposes in 2000

Interest rate (t₀)7.57875%Interest typeVariable Interest RateMaturity1 years

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%)