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
- Amalgamated Bank, ANZ (Australia and New Zealand Banking Group), Apple Bank for Savings, BayernLB, BBVA, CaixaBank, Commerzbank, Commonwealth Bank of Australia (CBA), DBS Bank, DZ Bank, First Hawaiian Bank, Huntington National Bank, ING Bank, KeyBank, National Bank of Canada, National Westminster Bank, Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Trust Bank (SMTB), The Fédération des caisses Desjardins du Québec, The Norinchukin Bank, Truist Bank
- ANZ (Australia and New Zealand Banking Group), BBVA, CaixaBank, ING Bank, National Bank of Canada, The Fédération des caisses Desjardins du Québec, Truist Bank
- Bank of Montreal, BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), Commerzbank, DBS Bank, Mizuho, National Westminster Bank, Oversea-Chinese Banking Corporation (OCBC), Royal Bank of Canada, Santander, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Wells Fargo Bank
- Bank of Montreal
- Bank of Montreal, BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), Mizuho, Royal Bank of Canada, Santander, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Wells Fargo Bank
- Bank of Montreal, BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), Commerzbank, DBS Bank, Mizuho, National Westminster Bank, Oversea-Chinese Banking Corporation (OCBC), Royal Bank of Canada, Santander, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Wells Fargo Bank
- Bank of Montreal, BNP Paribas, Canadian Imperial Bank of Commerce (CIBC), Mizuho, Royal Bank of Canada, Santander, Scotia Bank (The Bank of Nova Scotia), Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC), Toronto-Dominion Bank, Wells Fargo Bank
- Bank of Montreal, BNP Paribas, Sumitomo Mitsui Banking Corporation (SMBC)
- BayernLB, KeyBank
- BNP Paribas
- Brookfield, Intel
- Commonwealth Bank of Australia (CBA)
- Kirkland & Ellis
- 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 |