BASF-YPC Company Limited IPS I adopted Limited Resource Project Financing. After two years commercial operation, the Company decided to have refinancing facing new market conditions. The refinancing amounting to 9.5 billion RMB attracted the high attention of both domestic and foreign banks. Initiated by parental companies, BASF and SINOPEC, and approved by the BOD of the Company, the refinancing work kicked off in May and agreement was signed with banks after bidding and negotiation on 28th September 2007.
Replacing the original Limited Resource Project Financing with credit loans will strengthen the cooperation between the Company and banks and enhance efficiency, which lays a solid foundation for the upcoming expansion project. The banks which provide the refinancing include ICBC as RMB lead arranger and facility agent, ABC as USD lead arranger and facility agent, and BOC, CBOC and Communications Bank of China as lenders.
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