CNOOC seeks cheap loans from foreign banks

CNOOC, working to complete the biggest overseas takeover by a Chinese company, is slicing borrowing costs by 80 per cent as it attracts international lenders seeking exposure to government-backed businesses.

In July, the country's largest producer of offshore crude oil agreed to pay US$15.1 billion to buy Canada's Nexen and is seeking US$6 billion in bank debt to finance the transaction.

via Business feed http://www.scmp.com/business/companies/article/1062624/cnooc-seeks-cheap-loans-foreign-banks