China National Chemicals Import Export Corporation Sinochem upsized its loan deal last week following strong demand from banks in the syndication stage. The loan, originally launched for $150 million by ABN AMRO, the mandated bank, was upsized to $170 million. The facility was over-subscribed by 20% with commitments totalling $180 million.
Bank of China New York, Bank of Communications New York and Standard Chartered joined ABN AMRO on the top-level as co-ordinating arrangers with commitments of $50 million, $30 million and $17 million respectively. ABN AMRO also committed $17 million to the facility, which is being raised by a US entity, Sinochem American Capital Corporation and guaranteed by Sinochem Beijing.
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