Deal details
Intel-Brookfield Foundry/Project Cream - Financing
Description
Brookfield and--JV partner and offtaker--Intel signed an agreement to jointly fund two semiconductor fabrication facilities in the US. This JV is split between Brookfield/Intel; the Borrower/SPV in this transaction is fully owned by Brookfield. This financing represents the largest infrastructure loan ever in North America.This first-of-a-kind Semiconductor Co-Investment Program (SCIP) introduces a new funding model to the capital-intensive semiconductor industry. Chip availability has been recognized as an issue of national security. Significant efforts have been made towards reshoring, near-shoring and friend-shoring in light of supply chain shortages exacerbated by the pandemic. Passage of CHIPs Act this summer provides domestic semiconductor firms like Intel with $52 billion in funding.
Assets involved
Companies involved
- KeyBank, BayernLB
- Standard Chartered, Societe Generale, Oversea-Chinese Banking Corporation (OCBC), Santander, Wells Fargo Bank, Sumitomo Mitsui Banking Corporation (SMBC), Royal Bank of Canada, Mizuho, Bank of Montreal, National Westminster Bank, Toronto-Dominion Bank, Commerzbank, BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), DBS Bank, Scotia Bank (The Bank of Nova Scotia)
- Sumitomo Mitsui Banking Corporation (SMBC), Standard Chartered, Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), Toronto-Dominion Bank, Royal Bank of Canada, Societe Generale, Scotia Bank (The Bank of Nova Scotia), BNP Paribas, Mizuho, Wells Fargo Bank, Santander
- Amalgamated Bank, The Norinchukin Bank, Apple Bank for Savings, ING Bank, Sumitomo Mitsui Trust Bank (SMTB), Truist Bank, ANZ (Australia and New Zealand Banking Group), KeyBank, National Bank of Canada, Oversea-Chinese Banking Corporation (OCBC), BBVA, DZ Bank, CaixaBank, Huntington National Bank, The Fédération des caisses Desjardins du Québec, BayernLB, DBS Bank, National Westminster Bank, Commerzbank, Commonwealth Bank of Australia (CBA), First Hawaiian Bank
- Standard Chartered, Scotia Bank (The Bank of Nova Scotia), Toronto-Dominion Bank, DBS Bank, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation (SMBC), National Westminster Bank, Wells Fargo Bank, Oversea-Chinese Banking Corporation (OCBC), Bank of Montreal, Commerzbank, Santander, Mizuho, Societe Generale, Canadian Imperial Bank of Commerce (CIBC), BNP Paribas
- BNP Paribas
- Commonwealth Bank of Australia (CBA)
- BNP Paribas, Wells Fargo Bank, Mizuho, Sumitomo Mitsui Banking Corporation (SMBC), Bank of Montreal, Santander, Canadian Imperial Bank of Commerce (CIBC), Standard Chartered, Scotia Bank (The Bank of Nova Scotia), Royal Bank of Canada, Societe Generale, Toronto-Dominion Bank
- ANZ (Australia and New Zealand Banking Group), National Bank of Canada, ING Bank, CaixaBank, The Fédération des caisses Desjardins du Québec, BBVA, Truist Bank
- Bank of Montreal, BNP Paribas, Sumitomo Mitsui Banking Corporation (SMBC)
- Intel, Brookfield
- Kirkland & Ellis
- Bank of Montreal
- Milbank LLP
Key information
Foundry JV Holdco, LLC
14250$m
22-11-2022
Manufacturing & equipment / Manufacturing
United States
Project & Infrastructure Finance
Not PPP
Tranche information
Term Loan A
8,754$
Term Loan
8754$m
US Dollar - USD
0
5.0 years
-
-
-
| Participant | role | ticket size |
|---|---|---|
| BNP Paribas | MLA | 265$m |
| Sumitomo Mitsui Banking Corporation (SMBC) | MLA | 265$m |
| Bank of Montreal | MLA | 265$m |
| Santander | MLA | 265$m |
| Mizuho | MLA | 265$m |
| Royal Bank of Canada | MLA | 265$m |
| Societe Generale | MLA | 265$m |
| Scotia Bank (The Bank of Nova Scotia) | MLA | 265$m |
| Toronto-Dominion Bank | MLA | 265$m |
| Wells Fargo Bank | MLA | 265$m |
| Canadian Imperial Bank of Commerce (CIBC) | MLA | 265$m |
| Standard Chartered | MLA | 265$m |
| Commerzbank | Lender | 265$m |
| DBS Bank | Lender | 265$m |
| Oversea-Chinese Banking Corporation (OCBC) | Lender | 265$m |
| National Westminster Bank | Lender | 265$m |
| National Bank of Canada | Lender | 265$m |
| CaixaBank | Lender | 265$m |
| The Fédération des caisses Desjardins du Québec | Lender | 265$m |
| Truist Bank | Lender | 265$m |
| ANZ (Australia and New Zealand Banking Group) | Lender | 265$m |
| BBVA | Lender | 265$m |
| ING Bank | Lender | 265$m |
| Commonwealth Bank of Australia (CBA) | Lender | 265$m |
| BayernLB | Lender | 265$m |
| KeyBank | Lender | 265$m |
| DZ Bank | Lender | 265$m |
| Sumitomo Mitsui Trust Bank (SMTB) | Lender | 265$m |
| Huntington National Bank | Lender | 265$m |
| Apple Bank for Savings | Lender | 265$m |
| The Norinchukin Bank | Lender | 265$m |
| First Hawaiian Bank | Lender | 265$m |
| Amalgamated Bank | Lender | 265$m |
Term Loan B
4,071$
Term Loan
4071$m
US Dollar - USD
0
7.0 years
-
-
-
| Participant | role | ticket size |
|---|---|---|
| BNP Paribas | MLA | 127$m |
| Sumitomo Mitsui Banking Corporation (SMBC) | MLA | 127$m |
| Bank of Montreal | MLA | 127$m |
| Santander | MLA | 127$m |
| Mizuho | MLA | 127$m |
| Royal Bank of Canada | MLA | 127$m |
| Societe Generale | MLA | 127$m |
| Scotia Bank (The Bank of Nova Scotia) | MLA | 127$m |
| Toronto-Dominion Bank | MLA | 127$m |
| Wells Fargo Bank | MLA | 127$m |
| Canadian Imperial Bank of Commerce (CIBC) | MLA | 127$m |
| Standard Chartered | MLA | 127$m |
| Commerzbank | Lender | 127$m |
| DBS Bank | Lender | 127$m |
| Oversea-Chinese Banking Corporation (OCBC) | Lender | 127$m |
| National Westminster Bank | Lender | 127$m |
| National Bank of Canada | Lender | 127$m |
| CaixaBank | Lender | 127$m |
| The Fédération des caisses Desjardins du Québec | Lender | 127$m |
| Truist Bank | Lender | 127$m |
| ANZ (Australia and New Zealand Banking Group) | Lender | 127$m |
| BBVA | Lender | 127$m |
| ING Bank | Lender | 127$m |
| Commonwealth Bank of Australia (CBA) | Lender | 127$m |
| BayernLB | Lender | 127$m |
| KeyBank | Lender | 127$m |
| DZ Bank | Lender | 127$m |
| Sumitomo Mitsui Trust Bank (SMTB) | Lender | 127$m |
| Huntington National Bank | Lender | 127$m |
| Apple Bank for Savings | Lender | 127$m |
| The Norinchukin Bank | Lender | 127$m |
| Amalgamated Bank | Lender | 127$m |
Delayed-Draw Term Loan
1,425$
Term Loan
1425$m
US Dollar - USD
0
5.0 years
-
-
-
| Participant | role | ticket size |
|---|---|---|
| BNP Paribas | MLA | 45$m |
| Sumitomo Mitsui Banking Corporation (SMBC) | MLA | 45$m |
| Bank of Montreal | MLA | 45$m |
| Santander | MLA | 45$m |
| Mizuho | MLA | 45$m |
| Royal Bank of Canada | MLA | 45$m |
| Societe Generale | MLA | 45$m |
| Scotia Bank (The Bank of Nova Scotia) | MLA | 45$m |
| Toronto-Dominion Bank | MLA | 45$m |
| Wells Fargo Bank | MLA | 45$m |
| Canadian Imperial Bank of Commerce (CIBC) | MLA | 45$m |
| Standard Chartered | MLA | 45$m |
| Commerzbank | Lender | 45$m |
| DBS Bank | Lender | 45$m |
| Oversea-Chinese Banking Corporation (OCBC) | Lender | 45$m |
| National Westminster Bank | Lender | 45$m |
| National Bank of Canada | Lender | 45$m |
| CaixaBank | Lender | 45$m |
| The Fédération des caisses Desjardins du Québec | Lender | 45$m |
| Truist Bank | Lender | 45$m |
| ANZ (Australia and New Zealand Banking Group) | Lender | 45$m |
| BBVA | Lender | 45$m |
| ING Bank | Lender | 45$m |
| Commonwealth Bank of Australia (CBA) | Lender | 45$m |
| BayernLB | Lender | 45$m |
| KeyBank | Lender | 45$m |
| DZ Bank | Lender | 45$m |
| Sumitomo Mitsui Trust Bank (SMTB) | Lender | 45$m |
| Huntington National Bank | Lender | 45$m |
| Apple Bank for Savings | Lender | 45$m |
| Amalgamated Bank | Lender | 45$m |