On December 24, China Petrochemical Corp., also known as Sinopec, announced that it had helped its two subsidiaries to land a $3.5 billion syndicated loan.
To be used by Tiptop Energy and Sinopec Century Bright Capital Investment for general corporate purposes, the loan rate has a margin of 1.23 percent above Libor, or the London Interbank Offered Rate. Sinopec said it gave an "unconditional and irrevocable" guarantee on the loan.
China Construction Bank, the Bank of Tokyo-Mitsubishi, Citi, HSBC, Royal Bank of Scotland, and United Overseas Bank were hired as underwriters and book runners.
To cater to strong market demand, the loan was increased to $3.5 billion from the original $2.5 billion.