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, Santander, Oversea-Chinese Banking Corporation (OCBC), Wells Fargo Bank, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation (SMBC), 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, BNP Paribas, Scotia Bank (The Bank of Nova Scotia), Mizuho, Wells Fargo Bank, Santander
  • 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
  • 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, National Westminster Bank, DBS Bank, Commerzbank, Commonwealth Bank of Australia (CBA), First Hawaiian Bank
  • 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

8754$m

US Dollar - USD

0

5.0 years

-

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-

Term Loan

4071$m

US Dollar - USD

0

7.0 years

-

-

-

Term Loan

1425$m

US Dollar - USD

0

5.0 years

-

-

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