Banks roll into Sinopec loan before commitment deadline

China Petroleum & Chemical Corp (Sinopec) is looking to increase a $3.8bn loan after attracting three banks so far in syndication. But as the deadline for commitments looms on Friday, bankers predict a struggle between the borrower and underwriters over the final size of the deal.

  • 14 Apr 2011

Westpac and OCBC have joined as mandated lead arrangers, taking $250m each, and Société Générale has committed $30m as an arranger. "A couple" more banks are still considering the loan, said bankers, but the leads are already concerned that the borrower will increase it at their expense.

"The borrower ...

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