Allens Arthur Robinson has advised three banks on a US$190 million ($185 million) loan to a Singapore-based chemical producer and distributer.
Allens advised Australia and New Zealand Bank (ANZ), United Overseas Bank (UOB) and Sumitomo Mitsui Banking Corporation (SMBC) on the syndicated term loan to Sinochem International Overseas Pte. Ltd.
The three year loan, which was signed last Thursday (16 September), was guaranteed by the Chinese state-owned enterprise Sinochem International.
Singapore-based partner Rod Howell led the Allens team which included Hong Kong senior associate David Hinchey and associate Stanley Chung, Shanghai senior associate Wayne Wang, and Singapore based lawyer Judith Hammerschlag.
Howell said that the deal demonstrated the market's appetite for good credits, despite recent economic uncertainty caused by the US credit downgrade and the European debt crisis.
Chinese law firm Jun He also advised on the transaction.