2010-06-03 13:58

The Hong Kong unit of Sinochem Corp, China's biggest chemicals trader, will pay 113 basis points more than the London interbank offered rate for a $700 million loan, according to a person with direct knowledge of the transaction.

Australia & New Zealand Banking Group Ltd, Bank of Tokyo- Mitsubishi UFJ Ltd, Credit Agricole CIB and Standard Chartered Plc are helping arrange the five-year term loan, which was put out for general syndication last week, the person said, asking not to be identified as details are private.

Sinochem agreed to pay $3 billion to Statoil, Norway's largest oil and natural gas group, in May for a 40 percent stake in a Brazilian oil field, according to Sinochem President Han Gensheng. In March it agreed to invest 16 billion yuan ($2.3 billion) to build China's biggest nitrogen-fertilizer plant.

A request for comment e-mailed to the media communications address on Sinochem's website wasn't immediately answered.