Narrative
Full Description
Project narrative
On September 21, 2018, financial close was reached on a deal in which a syndicate of four banks — including the New York Branch of China Construction Bank Corporation (CCB) — entered into a $400,000,000 USD syndicated loan agreement with North Tower, LLC — a Delaware-incorporated special purpose entity involved in real estate ownership and development. The maturity of the loan was 2 years — maturing on October 9, 2020 — and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrower for general business purposes and debt refinancing purposes related to Wells Fargo Center - North Tower at 333 S. Grand Ave Los Angeles, California 90071. While China Construction Bank contributed $70,000,000 USD to this loan (Record ID#110829), the following lenders also participated: Citibank, N.A. ($170,000,000 USD), Natixis, New York Branch ($105,000,000 USD), and Landesbank Baden-Württemberg, New York Branch ($55,000,000 USD). On August 12, 2020, the parties signed an agreement to extend the maturity by one year — to October 9, 2021. China Construction Bank’s contribution is recorded in Record ID#110830.
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1575311/000114420419017447/tv517654_ex10-6.htm 2. North Tower, LLC is a U.S.-based special purpose entity typically used in real estate financing to isolate financial risk. It is often affiliated with larger development companies or joint ventures. 3. AidData cannot estimate the interest rate because the applicable margin depends on the reserved ratio of the company, which is not publicly known.