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Bank of China main backer

ChemChina raises $20 billion for Syngenta deal

ChemChina has raised $20 billion mainly in perpetual bonds to finance its purchase of Swiss seeds firm Syngenta (SYNN.S), with Bank of China becoming the single largest investor providing half of that funding, according to a regulatory filing.

State-owned ChemChina, which took on short-term loans for the $44 billion acquisition, is restructuring the financing mix to reduce its debt burden by including more equity but will still have nearly $20 billion in loans to refinance within 18 months, the filing by ChemChina shows.

The move comes as ChemChina has accelerated talks with state rival Sinochem to create the world's biggest industrial chemicals firm, a deal that could further help streamline ChemChina's debt, Reuters reported this week.

Click here to read the complete article at www.reuters.com.