In what could be one of the biggest loan syndications this year, the U.S. arm of Britain's Hanson PLC is expected to refinance as much as $6.5 billion of debt in the bank loan market, sources said.

Included in that amount is $2.5 billion of nonbank debt that will be assumed by Hanson as part of its planned acquisition of New York-based Quantum Chemical Corp., a loss-plagued maker of plastics.

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