Companies

Sinochem HK unit said to pay 113 basis points for loan

(Agencies)
Updated: 2010-06-03 13:58
Large Medium Small

The Hong Kong unit of Sinochem Corp, China's biggest chemicals trader, will pay 113 basis points more than the London interbank offered rate for a $700 million loan, according to a person with direct knowledge of the transaction.

Australia & New Zealand Banking Group Ltd, Bank of Tokyo- Mitsubishi UFJ Ltd, Credit Agricole CIB and Standard Chartered Plc are helping arrange the five-year term loan, which was put out for general syndication last week, the person said, asking not to be identified as details are private.

Related readings:
 Sinochem HK unit said to pay 113 basis points for loan Cnooc, Sinochem said to bid on Statoil Brazil field
 Sinochem HK unit said to pay 113 basis points for loan Nufarm turns down Sinochem offer
Sinochem HK unit said to pay 113 basis points for loan Sinochem to bid for Iraqi oil assets
Sinochem agreed to pay $3 billion to Statoil, Norway's largest oil and natural gas group, in May for a 40 percent stake in a Brazilian oil field, according to Sinochem President Han Gensheng. In March it agreed to invest 16 billion yuan ($2.3 billion) to build China's biggest nitrogen-fertilizer plant.

A request for comment e-mailed to the media communications address on Sinochem's website wasn't immediately answered.