China National Offshore Oil Corp (CNOOC) (0883.HK) has signed a series of one-year bilateral bridge loans to back its $1.3 billion acquisition of a stake in US-based Chesapeake Energy Corp (CHK.N), Basis Point reported on Tuesday. CNOOC (CEO.N) is funding a substantial portion of the acquisition via these loans and asked for a minimum commitment of around $400 million per loan, the report said, citing banking sources. CNOOC offered less than 100bp all-in and approached a mix of Chinese and foreign banks for the bilaterals, some of which were signed last month, the report added. The loans are relatively cheap, especially given that US$ pricing onshore has spiked over the last few months as China's central bank continues to raise the required reserve ratio.
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