Wilmar, the world’s largest palm oil firm, has mandated ANZ, HSBC and Rabobank to help it raise US$1.1 billion ($1.5 billion) to finance its acquisition of CSR’s sugar business, Basis Point reported, citing banking sources.

Basis Point, a Thomson Reuters service, said the multi-tranche loan will have an average life of less than three years, with tenors ranging from one to five years.

The borrowing will be in US and Australian dollars.

Singapore-based Wilmar in July clinched a deal to buy CSR’s Sucrogen sugar arm, the world’s fifth-largest sugar-refiner, for US$1.5 billion, beating a rival bid by China’s Bright Food Group.