BASF signs syndicated bank term loan for Verbund site
Published by Poppy Clements,
Assistant Editor
Hydrocarbon Engineering,
The new site is currently under construction in Guangdong province. The loan will be provided by major Chinese banks and offers flexible repayment options to optimise BASF’s cash utilisation.
BASF is financing the new Verbund site with a combination of around 20% equity and 80% debt. “By signing this bank term loan facility, BASF is implementing its strategy to finance the Zhanjiang project with funds from China,” said Dr. Dirk Elvermann, Chief Financial Officer of BASF SE. The company’s financial strength and proven track record of strong sales and earnings growth in China enabled BASF to obtain highly attractive financing conditions for the loan.
“We are impressed by the great support for the project from the local banking market,” said Christian Jutzi, President Corporate Finance. “This underscores that our banking partners are confident that our new Verbund site will become a key platform for the long-term profitable and sustainable growth.”
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/24112023/basf-signs-syndicated-bank-term-loan-for-verbund-site/
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