US$220 million syndicate loan for PRC heavy industries group
August 19, 2011 | BY
clpstaff &clp articlesChina Rongsheng Heavy Industrial Group Holdings (China Rongsheng) has secured a US$220 million syndicated loan from a consortium of offshore lenders. This…
China Rongsheng Heavy Industrial Group Holdings (China Rongsheng) has secured a US$220 million syndicated loan from a consortium of offshore lenders. This is the first time the heavy industries company has raised loan financing from overseas.
The bank consortium is led by Crédit Agricole Corporate and Investment Bank (Crédit Agricole) and guaranteed by the Import-Export Bank of China. The loan is US-dollar denominated and expected to be used by China Rongsheng to complement its working capital and manage its foreign exchange risks.
A Hong Kong-based Paul Hastings team led by Raymond Li and Vivian Lam advised China Rongsheng.
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