On February 20, Sinochem signed the agreement on US$80 million syndicated loan in Hong Kong. The borrower is Sinochem European Capital Co., and Sinochem head office provides guarantee. The loan will come due within 5 years. Subscription is 125% of issuance, showing the confidence of international banks in Sinochem.
Sinochem held a celebration party after the signing ceremony in which 50 plus personnel from 10 foreign and Chinese banks including ABN AMRO, Standard Charted, HSBC, China Development Bank participated. Sinochem President Liu Deshu also joined the party, and CFO Chen Guanggang made a speech, extending thanks to the banks for their support for Sinochem and expressing his hope of expanding future cooperation.