Nov. 4 (Bloomberg) -- Aluminum Corp of China Ltd. may sign a loan for $300 million as early as next week after receiving another commitment in syndication, according to a person familiar with the matter.
Commonwealth Bank of Australia agreed to lend $50 million today, and the company expects another two to three banks to join the facility prior to signing, the person said, asking not to be identified as details are private.
Australia & New Zealand Banking Group Ltd. and Natixis were hired to arrange the three-year term loan in August and were later joined by Bank of America Corp., which committed $50 million. The loan pays a margin of 130 basis points more than the London interbank offered rate, having been increased in September by 10 basis points from 120 basis points.
Proceeds will be used by Chalco, as the company is known, to refinance debt.
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