Bloomberg News

China International Marine Said to Allocate Syndicated Loan

February 22, 2012

(Updates with loan’s purpose in fifth paragraph.)

Feb. 22 (Bloomberg) -- China International Marine Containers Group Co. allocated a $375 million-equivalent term loan among 13 banks, according to a person familiar with the matter.

HSBC Holdings Plc, ING Groep NV and Standard Chartered Plc, the arrangers of the loan, lent $50 million-equivalent each, the person said, asking not to be identified as details are private.

Commonwealth Bank of Australia and Hang Seng Bank Ltd. lent $50 million each. Shenzhen Development Bank Co. committed $30 million while Mega International Commercial Bank Co. and Taiwan Cooperative Bank pledged $20 million each. Bank of Tokyo- Mitsubishi UFJ Ltd. committed $15 million and Bank of East Asia Ltd., E Sun Commercial Bank, First Commercial Bank Co. and Metropolitan Bank & Trust Co. $10 million each, the person said.

Standard Chartered’s commitment was denominated in Hong Kong dollars. The loan has a tenor of 3 1/4 years and pays 230 basis points more than the London interbank offered rate, another person familiar with the matter said on Nov. 24.

Proceeds will be used for general working capital and could also be used for investments, including acquisitions, said the person who spoke today.

China International Marine designs and manufactures containers and airport facilities. The facility was borrowed by the company’s Hong Kong unit and guaranteed by China International Marine Containers Group Co.

--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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