Minsheng financial leasinc is targeting an aggressive reverse flex for its US$200m offshore loan, looking to achieve borrowing rates closer to those offered in China's onshore credit market. The financial institution was able to revise terms on an onshore loan late last month. However, it remains to be seen how many of the banks on the offshore facility will recommit by the new October 30 deadline. Mandated lead arrangers and bookrunners Credit Suisse and E.Sun Commercial Bank sent out a new term sheet for the three-year offshore loan on October 13, with a significant cut of 45bp to 180bp from 225bp in the interest margin, bankers said. E.Sun is the facility agent on the loan, launched into syndication in July. As a result of the drop in margin, the top-level all-in pricing has been slashed to 210bp from the original 255bp offered in July, when the loan was launched into syndication. The lower commitments earn all-ins of 205bp and 200bp, down from 250bp and 245bp, respectively.
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