ChemChina opts for bilateral loans to raise $3.85bn for refi

China Beijing_adobe_575px_30Mar21
By Pan Yue
21 Apr 2021

China National Chemical Corp (ChemChina) is raising multiple bilateral loans worth about $3.85bn to refinance a deal maturing in early May, ditching syndication in favour of one-on-one agreements with banks. But while the cost benefits may be appealing, such an approach by borrowers is unlikely to be sustainable in the longer run. Pan Yue reports.

The Chinese state-owned chemical giant, led by chairman Ren Jianxin, has been in talks with banks for the past few months to form separate bilateral bridge loans, according to three bankers close to the situation. The proceeds will be used to refinance the three year tranche of a ...

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