Bank of China participates in debt rescheduling — via one year maturity extension — to $1.5 billion USD syndicated loan to Boardwalk Pipelines and subsidiaries for debt refinancing and general corporate purposes in 2018 (Linked to Record ID#110848)

Project narrative

On May 26, 2015, financial close was reached on a deal in which a syndicate of 18 banks — including Bank of China — entered into a $1.5 billion USD syndicated loan agreement with Boardwalk Pipelines, LP, Texas Gas Transmission, LLC, Gulf South Pipeline Company, LP, and Gulf Crossing Pipeline Company LLC — U.S.-based companies engaged in natural gas transmission and storage services. The loan had a maturity of 5 years and the interest rate was LIBOR plus an applicable margin. The proceeds were used by the borrowers for debt refinancing purposes and general corporate purposes. While Bank of China contributed $100 million USD to this loan (Record ID#110848), the following lenders also participated: Wells Fargo Bank, National Association ($100 million USD), Citibank, N.A. ($100 million USD), JPMorgan Chase Bank, N.A. ($100 million USD), Barclays Bank PLC ($100 million USD), Deutsche Bank AG New York Branch ($100 million USD), Mizuho Bank, Ltd. ($100 million USD), MUFG Union Bank, N.A. ($100 million USD), Royal Bank of Canada ($100 million USD), Bank of America, N.A. ($82.5 million USD), Regions Bank ($82.5 million USD), Santander Bank, N.A. ($82.5 million USD), U.S. Bank National Association ($82.5 million USD), Branch Banking and Trust Company ($75 million USD), CoBank, ACB ($75 million USD), Goldman Sachs Bank USA ($47.5 million USD), Morgan Stanley Bank, N.A. ($47.5 million USD), and Bank Hapoalim ($25 million USD). This loan was guaranteed by Boardwalk Pipeline Partners, LP. The borrower had and used the option to extend the loan by one year. On July 28, 2017, the parties entered into an amendment to further extend the maturity of the loan by another year to May 26, 2022. Bank of China's contribution is recorded in Record ID#110849.