Zhongwang gets $200m syndicated loan

China Zhongwang Holdings Ltd, a maker of industrial aluminium extrusion products, said on Wednesday it signed a $200 million three-year syndicated term loan facility with a consortium of 15 financial institutions.

The deal was provided by banks across the Chinese mainland, Hong Kong and Taiwan, making Zhongwang one of the largest private Chinese companies to benefit from Taiwan government's relaxed restrictions on loans.

"This is our first overseas fundraising exercise since the company's listing in May 2009," said Lu Changqing, vice-president of the company. "We are thankful for the active participation of banks and financial institutions in the Greater China region, which provided low cost of capital to the group."

The company said the syndicated loan's interest is 275 basis points over Libor.

Bank of Taiwan, Taishin International Bank, Ping An Bank, Mega International Commercial Bank and Nomura International (Hong Kong) are the deal's lead arrangers.

This is the first time that the mainland-based Ping An Bank cooperates with a group of Taiwan and Hong Kong banks to arrange a syndicated loan.

dujuan@chinadaily.com.cn

Related Readings