China Petrochemical Corp., known as Sinopec Group, is seeking $3.8 billion of five-year term loans from lenders, according to two people familiar with the matter.
The loans are being offered to banks with interest and fee payments, the so-called top level all-in pricing, of 127 basis points more than the London interbank offered rate, one of the people said, asking not to be identified because the details are private.
Proceeds will be used for overseas acquisitions and to refinance debt associated with the group’s stake purchase in Syncrude Canada Ltd. last year, that person said.
The Beijing-based company earlier hired Australia and New Zealand Banking Group Ltd., Bank of Tokyo-Mitsubishi UFJ Ltd., Citigroup Inc., HSBC Holdings Plc, Mizuho Corporate Bank Ltd. and United Overseas Bank Ltd. to help arrange the loan, the other person said.
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