Bank of China contributes $110 million to $2 billion term loan to Parker Hannifin for the acquisition of Meggitt (Linked to Record ID#99731)

Project narrative

On August 27, 2021, the New York Branches of Bank of China (BOC) (captured via Record ID#99730) and the Bank of Communications (BoComm) (captured via Record ID#99731) contributed $110 million and $35 million, respectively, to a $2 billion syndicated term loan to Parker Hannifin Corporation -- a Fortune 250 global leader in motion and control technologies -- for its acquisition of Meggitt PLC (a UK manufacturer of components and subsystems for aerospace, defense, and selected energy markets). The loan had a maturity of three years and an interest rate most likely consisting of a 1% margin plus contemporary LIBOR. Parker Hannifin Corporation successfully completed its acquisition of Meggitt PLC on September 13, 2022. Twenty six (26) institutions participated in the lending syndicate. Keybank National Association contributed $166 million and acted as administrative agent. Citibank, Bank of China (BOC), BNP Paribas, Mizuho Bank, PNC Bank, TD Bank, Truist Bank, US Bank, and Wells Fargo each contributed $110 million and acted as joint lead arrangers and bookrunners. BOC, PNC Bank, TD Bank, US Bank, and Wells Fargo also acted as documentation agents. Citibank acted as sole syndication agent. Barclays and HSBC each contributed $80 million. Bank of New York Mellon (BNY Mellon), Commerzbank, MUFG Bank, and Northern Trust Company each contributed $65 million. BBVA, DBS Bank, Huntington National Bank, and Sumitomo Mitsui Banking Corporation (SMBC) each contributed $56 million. Bank of Communications (BoComm), First National Bank (FNB), National Westminster Bank (NatWest), Santander, and Unicredit each contributed $35 million. Associated Bank contributed $25 million.