Industrial Bank of Japan arranges two Chinese petrochemical loans

July 2, 1997 Industrial Bank of Japan (IBJ) is taking the lead in several international joint-financing deals for Chinese petrochemical projects. IBJ is acting as co-arranger, along with the Industrial Bank of Korea, for a $ 60 million syndicated loan to a project being constructed in Tianjin by an affiliate of a Korean conglomerate. Eight banks are participating in the 5-year loan, which will have an interest rate based on LIBOR (London Interbank Offered Rate).
IBJ is also acting as co-arranger, along with Sanwa Bank and two others, for a $ 100-million loan to a Chinese-government petrochemical project in Guangdong Province. According to an IBJ source, most of the financing for the 8-year loan was raised from Asian banks in several locations, including Singapore.