ChemChina has revealed a new line of backers for its$44bn buyout of Swiss agribusiness group
Syngenta, with investors including Morgan Stanleyand Bank of China buying a total of $20bn inperpetual bonds and preference shares in the deal.
The refinancing of the Syngenta acquisition comes as bankers in Asia say they are preparingfor another merger: that of ChemChina and its rival Sinochem, in what is expected to becomethe world`s largest chemicals group sometime next year.
A Securities and Exchange Commission filing showed that Bank of China has now become thelargest financier of the Syngenta buyout, with the bank purchasing $10bn in perpetual bondsfrom ChemChina. Perpetual bonds are a hybrid financing instrument that will probably betreated partly as equity on ChemChina`s balance sheet.
ChemChina`s equity stake in the deal - the largest outbound acquisition for a Chinese group- remained at $5bn, according to the filings.
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