BEI­JING:

The Pak Banker - - COMPANIES/BOSS -

China Na­tional Chem­i­cal Corp. is seek­ing to bor­row a to­tal of $35 bil­lion to help fund the pur­chase of Syn­genta AG, in a po­ten­tial record fi­nanc­ing for a Chi­nese ac­qui­si­tion. The Bei­jing-based com­pany hired China Citic Bank In­ter­na­tional Ltd. to ar­range a $15 bil­lion loan fa­cil­ity, which will be fully guar­an­teed by ChemChina, peo­ple fa­mil­iar with the mat­ter said, ask­ing not to be iden­ti­fied be­cause the in­for­ma­tion is pri­vate. Bank meet­ings are sched­uled this week for a sep­a­rate $20 bil­lion ac­qui­si­tion loan, to be bor­rowed by Syn­genta and not guar­an­teed by ChemChina, ac­cord­ing to an e-mailed state­ment dated Feb. 25. ChemChina agreed to buy Syn­genta for $43 bil­lion ear­lier this month in a deal that will trans­form it into the world's largest sup­plier of pes­ti­cides and agro­chem­i­cals. The planned loan dwarfs Chi­nese com­pa­nies' pre­vi­ous over­seas ac­qui­si­tion fi­nanc­ing and may stoke con­cerns about the na­tion's busi­nesses pil­ing up debt in a push to buy for­eign tech­nol­ogy. The $15 bil­lion fa­cil­ity be­ing ar­ranged by Citic Bank will likely be syn­di­cated in Asia, ac­cord­ing to the peo­ple. Terms are be­ing fi­nal­ized, they said. A spokes­woman for ChemChina de­clined to com­ment. The Wall Street Jour­nal re­ported de­tails of the Citic Bank fa­cil­ity ear­lier, cit­ing uniden­ti­fied peo­ple.

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