Norton Rose Fulbright has advised a syndicate of banks on a US$1.5 billion prepayment financing for the purpose of purchasing commodities from a Chinese supplier.

The syndicate of banks include Deutsche Bank AG, Hong Kong Branch as coordinating mandated lead arranger, ABN AMRO Bank N.V., Hong Kong Branch, BNP Paribas, Hong Kong Branch, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., (also known as Rabobank International), Hong Kong Branch, DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, ING Belgium, Brussels, Geneva Branch, Natixis, Hong Kong Branch, Société Générale, Hong Kong Branch, Standard Chartered Bank (Hong Kong) Limited, United Overseas Bank Limited, BHF-Bank Aktiengesellschaft, Credit Suisse AG, ICICI Bank Limited, Singapore Branch, National Australia Bank Limited, Raiffeisen Bank International AG, Westpac Banking Corporation, Zürcher Kantonalbank, Chang Hwa Commercial Bank, Ltd., Singapore Branch, ICBC (London), Taiwan Cooperative Bank, Manila Offshore Banking Branch, and DZ Bank AG Deutsche Zentral-Genossenschaftsbank and Frankfurt AM Main, Hong Kong Branch as lenders.

The transaction involved a US$1.5 billion syndicated structured steel prepayment finance facility to a BVI company for the purpose of purchasing certain commodities from a Chinese supplier, Tangshan Iron & Steel Group Co, Ltd and to on-sell such commodities to Duferco Asia Pte Ltd and Duferco SA.

This prepayment financing is structured with a common terms agreement and stand-alone facility agreement(s) which will allow the borrower and the lenders to participate in future facilities pursuant to the common terms agreement.

The team was led in Singapore by banking and finance partner Yu-En Ong, and was assisted by senior associate Lishi Fong, associate Jit Wei Tan and paralegal Sequoia Zhang.