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Guangxi Yongkai Sugar – pre-financing
26 March 2010
StanChart sweetens inroads into China
Acting as mandated lead arranger, Standard Chartered Bank arranged an inventory-backed pre-financing for China’s Guangxi Yongkai Sugar Manufacturing Company (Yongkai Sugar), a supplier to big name food producers in China, in a deal signed on 5 November, 2009. This transaction is the first time that an inventory-backed finance deal has been done for sugar stocks domestically in China, and as such breaks new ground in this difficult market.The financing is a RMB150 million ($22 million) bilateral revolving facility, with a tenor of 300 days. The facility is a risk-mitigating, customised solution, including extending the allowable tenor out for 300 days, to...
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