Banks launch US$100 million COFCO deal

The present deal is a comeback for the borrower as it will be able to raise funds not only at one-third of the 1999 financing, but also be able to lock in cheaper funding over a longer tenor.

In what appears to be an annual feature in the loan markets, bankers have launched into general syndication a US$100 million deal for Cofco Capital Corporation, the US financing vehicle for China National Cereals, Oils Foodstuffs Import Export Corporation Cofco. ING, Rabobank and Standard Chartered are the coordinating arrangers for the three-year letter of credit LC facility. Cofco HK Corporation is the guarantor to the facility.

Proceeds from the LC facility will back a US commercial paper programme. Syndication is slated for close on August 28. Banks participating in the facility receive participation fees of 42bp all-in of 60bp for commitments of $10 million or above, while banks entering the...

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