ChemChina said to finalize $12.7 billion loan to buy Syngenta

China National Chemical Corp. has secured commitments from lenders on a $12.7 billion loan for its purchase of Swiss pesticides producer Syngenta AG, people familiar with the matter said.

The Beijing-based company, known as ChemChina, attracted 17 banks for the financing, according to the people, who aren’t authorized to speak publicly and asked not to be identified. The facility comprises a $12.5 billion term loan and a $200 million revolving credit.

ChemChina agreed to buy Syngenta for $43 billion earlier this year in a deal that would transform it into the world’s largest supplier of pesticides and agrochemicals. The fundraising would put the state-owned firm a step closer to completing the country’s biggest-ever acquisition outside its borders. ChemChina received approval from U.S. national security officials for the takeover last month, though the deal is still subject to antitrust review by regulators worldwide.

ChemChina representatives weren’t immediately available to comment.

The Chinese firm is planning to sell $10 billion of preferred shares of a unit to help fund the acquisition, separate people said in July. It intends to raise another $15 billion in cash, bringing the total equity contribution to $25 billion, and borrow the rest it needs via a loan package, the people said at that time.

On the debt portion of the fundraising, the $12.7 billion bank financing is in addition to a $20 billion loan in March, the people said.