Sinochem to tap $150 million loan

Sinochem will utilize the proceeds for general working capital purposes and partial refinancing of existing borrowings.

China's biggest chemicals trader, China National Chemicals Import Export Corporation Sinochem, is preparing to tap a $150 milion syndicated loan being raised by a US entity, Sinochem American Capital Corporation. Sinochem Beijing is the guarantor for the loan, according to sources close to the deal. ABN AMRO, Bank of China, Bank of Communications and Standard Chartered are the arrangers for the deal.

General syndication for the three-year bullet transaction is underway and is expected to close today Friday. A few banks have already committed to the facility, which is likely to be over-subscribed. Arrangers will receive an all-in of 65bp for commitments of $15 million. Co-arrangers are being offered 63.5bp all-in for...

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