Allens Arthur Robinson (Allens) has advised long-standing client Australia and New Zealand Bank (ANZ), United Overseas Bank (UOB) and Sumitomo Mitsui Banking Corporation (SMBC) on a US$190 million syndicated term loan to Singapore-based chemical producer and distributer Sinochem International Overseas Pte. Ltd.
The syndicated term loan, which was signed on 16 September, will be guaranteed by the Chinese state-owned enterprise, Sinochem International Limited.
Allens acted as counsel to the mandated lead arrangers, book runners and lenders, and was responsible for managing the entire legal process, including drafting documentation, structuring and coordinating PRC and Singaporean legal advice.
Singapore-based Partner Rod Howell, who led the Allens team on the transaction, said that the deal demonstrates the market’s appetite for good credits, despite recent economic uncertainty caused by the US credit downgrade and European debt crisis.
‘As a firm with a large regional footprint, we were able to assemble a team from our PRC, Hong Kong and Singapore offices, to seamlessly dissect the relevant jurisdictional issues within a tight time frame,’ Mr Howell said.
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