Fosun International is attempting to firm up a 500 million $686 million bridge loan for its acquisition of an 80% stake in the insurance arm of Portuguese state-owned Caixa Geral de Depósitos.
Bank of China and ICBC are expected to arrange the loan and both banks are seeking internal credit approval, according to a source familiar with the matter.
ICBC had provided a letter of guarantee for a large part of the 1billion acquisition, which was announced in January this year.
According to one banker not connected to the deal, the company had initially been looking at a pricing of about Libor plus 400bp...
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