Syngenta / ChemChina

Syngenta / ChemChina: Loan Refinancing Considerations

Publication Date: October 13, 2016

Research Report Overview

Nervousness has resurfaced in Syngenta. This is due to recent Chinese press reports which suggest that state-backed equity investors might not participate in the deal, thus threatening the proposed financing structure. Syngenta has since sent emailed statements to press outlets on 10-Oct-16, confirming that the bridge financing provided by HSBC and China CITIC Bank Int’l is “committed and irrevocable”. Similarly, on 11-Oct-16, dealReporter disclosed that ChemChina has sought to assure its lenders that the equity arrangements and overall financing package are progressing well. Still, the risk arbitrage spread remains wide and investors have doubts over the success of the transaction.

Contents (16 Pages):

1. Funding Sources, Debt Structure and Loan Refinancing Concerns 2. Equity Contribution Still Needed and Potential Partners 3. Committed Financing Requirements Under Swiss Takeover Law 4. Analysis of the CITIC and HSBC Facility Agreements 5. Enforceability – How Binding is “Committed and Irrevocable” 6. Whether CFIUS Can Revisit Due to a Change in Ownership 7. Risk Arbitrage Trading Thoughts and Considerations

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Deal Timeline

Syngenta / ChemChina

End Date: May 10, 2017

May 2017

April 2017

March 2017

February 2017

January 2017

December 2016

November 2016

October 2016

September 2016

August 2016

July 2016

June 2016

May 2016

April 2016

March 2016

February 2016

Deal Announced: February 3, 2016
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