The Chinese vegetable processor has hired Standard Chartered and Citi as mandated lead arrangers and bookrunners for the loan, which will have an average weighted life of 4.25 years.
The deal, which will be completed in one level of syndication, will pay a margin of 260bp over dollar Libor, according to a banker on the deal.
The leads are offering two levels for banks to participate: mandated lead arrangers to commit $30m and above for a 100bp fee and an all-in of 283.5bp and lead arrangers to provide $15-$29m for a 80bp fee and an all-in of 278.8bp, said the banker.
The loan deal comes after the company had reported ly mandated Deutsche Bank and JP Morgan as bookrunners in March for a possible US dollar bond, which if priced, would have been Minzhong’s debut bond in the international markets. However, the bond is yet to launch. Both bookrunners were unavailable for comment.