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China Daily Website

$3.5b loan for Sinopec firms

Updated: 2013-12-24 20:53

China Petrochemical Corp, or Sinopec, said on Tuesday it has helped its two subsidiaries to land a $3.5 billion syndicated loan.

The loan will be used by Tiptop Energy and Sinopec Century Bright Capital Investment for general corporate purposes.

The loan rate has a margin of 1.23 percent above Libor, or the London Interbank Offered Rate. Sinopec said it gave an "unconditional and irrevocable" guarantee on the loan.

China Construction Bank, the Bank of Tokyo-Mitsubishi, Citi, the Hong Kong and Shanghai Banking Corp, Royal Bank of Scotland, and United Overseas Bank were hired as underwriters and book runners.

To cater to strong market demand, the loan was increased to $3.5 billion from the original $2.5 billion.