Vinacomin said to hire banks for $300 mln five-year loan

Vietnam National Coal-Mineral Industries Group, known as Vinacomin, hired a group of seven banks to help it borrow US$300 million for working capital, according to three people familiar with the matter.

The state-owned coal producer held talks with potential lenders in Singapore yesterday and told them it may price the five-year loan to pay interest of 350 basis points more than the London interbank offered rate, said the sources, who didn’t want to be identified as talks are private.

Bank of Tokyo-Mitsubishi UFJ Ltd., BNP Paribas SA, Calyon, Credit Suisse Group AG, Natixis SA, Societe Generale SA and Standard Chartered Plc are helping Hanoi-based Vinacomin borrow, the sources said.

Le Tri Hung, Vinacomin’s general manager of international business, didn’t immediately respond to an e-mailed request for comment. A basis point is 0.01 percentage point.

thanhnien, Bloomberg

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