Sinopec Launches Syndicated Loan Facility

Tiptop Energy and Sinopec Century Bright Capital Investment have announced a five-year, US$2.5 billion deal to create a syndicated term loan facility guaranteed by China Petrochemical Corp.

Sinopec, China's largest oil refiner, continues to see steady growth in 2013 -- and higher profits -- in both overseas and domestic markets, the company said.

It expressed confidence that the Century Bright deal will become a landmark transaction in the syndicated loan market, and that it will serve as a model for future deals in the capital market.

Sinopec listed the "mandated lead-arrangers, bookrunners and underwriters", or MLABUs, that will lead the new facility. The list includes China Construction Bank Corp, Bank of Tokyo-Mitsubishi UFJ, Citi, HSBC, the Royal Bank of Scotland and United Overseas Bank.

The project has been fully underwritten, and loans will be used for general corporate purposes, Sinopec said.

Incorporated in Hong Kong in April 2008, Tiptop is an asset holding company and the major upstream investment arm of Sinopec.

Incorporated in Hong Kong in March 1995, Century Bright is wholly owned by Sinopec. It serves as a platform for offshore settlement, financing, transactions, cash management and fund monitoring.