Banks are eager to provide China National Chemical Corp., also known as ChemChina, with at least $35 billion to help finance its $43 billion acquisition of Syngenta AG (ADR) (NYSE: SYT).
Bloomberg, citing "people familiar with the matter," said that ChemChina has hired China Citic Bank International to arrange a $15 billion loan facility which the company has committed to fully guaranteeing. The loan is expected to be syndicated in Asia.
The China Citic loan details were also reported by The Wall Street.
Bloomberg added that ChemChina will be meeting with bankers this week for a separate $20 billion, which will be borrowed by Syngenta and not guaranteed by ChemChina.
Shares of Syngenta were trading lower by nearly 1 percent at $79.95 early Monday morning.
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