Wilmar International, the world’s largest palm oil trader, approached banks for about US$1.1 billion ($1.5 billion) of loans to buy CSR’s Australian sugar unit, according to two people familiar with the matter.

The mixed-maturity term facility, in both Australian and US dollars, pays an all-in fee averaging about 100 basis points more than the London interbank offered rate, the people said, asking not to be identified as the talks are private.

 

Wilmar, based in Singapore, agreed to buy CSR’s sugar operations for A$1.75 billion ($2.16 billion) last month, beating a bid from China’s Bright Food Group Co. A basis point is 0.01 percentage point.