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 (L/C) facility. Cofco HK Corporation is the guarantor to the facility.

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