Hong Kong-listed CNPC HK is preparing to tap a dual-tranche facility to raise $100 million that will be utilised for capital expenditure. The facility marks the company's debut in the loan markets and pays a margin of 40bp over Libor. Sumitomo Mitsui Banking Corporation SMBC is the sole mandated arranger.
Tranche A of the facility is a $40 million term loan while Tranche B consists of a $60 million revolving credit. Tranche B pays commitment fees of 25bp. Management fees for Tranche A are a flat 52.5bp for leads committing $10 million and managers committing between $5 million to $9 million will receive 48bp. All-in is 57.5bp for leads and 56bp for managers.
General syndication...
