Norton Rose Advises Sinopec Units on $3.5 Billion Loan
Norton Rose Fulbright has advised two investment company subsidiaries of China Petrochemical Corp., or Sinopec Group, on their taking out a $3.5 billion syndicated loan.
Sinopec acted as guarantor on the five-year loan for Tiptop Energy Ltd. and Sinopec Century Bright Capital Investment Ltd, which will use the funds for general corporate purposes.
China Construction Bank Corp., Bank of Tokyo-Mitsubishi UFJ Ltd., Citigroup Inc., HSBC Holdings Plc., United Overseas Bank Ltd. and the Royal Bank of Scotland Group Plc. were the lead lenders in the syndicate. Other participants included Bank of Nova Scotia, Commonwealth Bank of Australia, JPMorgan Chase & Co., National Australia Bank Ltd., Société Générale S.A., Royal Bank of Canada, National Bank of Abu Dhabi P.J.S.C., Canadian Imperial Bank of Commerce, China Merchants Bank Co., First Gulf Bank P.J.S.C. and Banco Bilbao Vizcaya Argentaria S.A.
Hong Kong partner Davide Barzilai led the Norton Rose team advising Tiptop and Century Bright.
Allen & Overy Beijing partner Yvonne Ho represented the lenders. Beijing partner Ma Chen of Fangda Partners was Chinese counsel to the banks.