Bloomberg News

MCS Said to Attract Three Banks, Increase Loan to $150 Million

November 16, 2011

Nov. 16 (Bloomberg) -- MCS Holding LLC, the Mongolian group which owns part of Hong Kong-listed Mongolian Mining Corp., attracted three banks in syndication for a $125 million loan that will be increased to $150 million, said a person familiar with the matter.

The three-year loan is being arranged by Standard Bank Group Ltd., which funded the original $125 million portion in June prior to syndication, said the person who asked not to be identified because the details are private. Commitments from the three new lenders take Standard Bank down to its target hold level, the person said.

The facility included an option for MCS to increase the deal size by $25 million to $150 million. MCS is choosing to exercise that option and is seeking additional banks for the increase. Another four lenders may still join the $25 million portion, the person said.

The hold level is the amount of a loan a bank will retain on its balance sheet rather than selling to other banks in syndication.

--Editor: Katrina Nicholas

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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