Deals
ChemChina Said to Plan $10 Billion Sale of Preferred Stock
- Sale to help fund record $43 billion acquisition of Syngenta
- Banks are preparing to lend more than $25 billion for deal
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China National Chemical Corp. is planning to sell $10 billion of preferred shares of a unit to help fund its record $43 billion acquisition of Syngenta AG, according to people familiar with the matter.
Under the proposal, half of the preferred shares on sale would be convertible, according to the people, who asked not to be identified because the discussions are private. ChemChina plans to raise another $15 billion in cash, bringing the total equity contribution to $25 billion, and borrow the rest it needs via a loan package, according to the people.