(Bloomberg) -- Chinese internet firm Sina Corp. is close to signing a $400 million syndicated loan, a looming deal that comes amid a historically slow start this year for such financing in Asia.

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The 364-day secured loan, which could be extended by a year, is being finalized with a group of banks led by Goldman Sachs Group Inc. and signing documents are being reviewed, according to people familiar with the matter who requested anonymity discussing private matters.

Calls to Sina’s investor relations department went unanswered Monday and an email seeking comment was not responded to. A Hong Kong spokesperson from Goldman Sachs declined to comment.

In a sign of overwhelming demand to participate, some banks’ final allocation was scaled back from initial requests, according to a Hong Kong-based loan banker involved in the deal. That comes as just $19.9 billion of syndicated loans have been signed in Asia Pacific ex-Japan in 2023, according to data compiled by Bloomberg, a 79% plunge from a year earlier and the least since 2006.

Sina plans to put proceeds from the new financing toward a 2020 loan which helped fund the company’s management-led buyout. Only a portion of that loan is being refinanced with the new lending and the company has prepared other sources to pay down the rest, two of the people said.

They added the planned financing’s margin remains unchanged. Bloomberg reported in January that pricing would be the Secured Overnight Financing Rate plus 145 basis points if the loan lasts for one year and plus 175 basis points if extended for the second year.

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