Gintech bags USD-126m loan from 13 banks in Taiwan
Feb 26, 2016 14:23 CET
February 26 – Taiwan-based firm Gintech Energy Corp (TPE:3514) said Friday it has secured a TWD-4.2-billion (USD 126m/EUR 114m) syndicated loan from 13 domestic banks.
The credit line will be used mainly for debt repayment, according to the press release. A portion of it will also be allocated for general working capital and raw material procurement in order to strengthen the company’s balance sheet.
Gintech has inked a syndicated loan agreement with the group of lenders, which were co-led by First Bank and Taiwan Cooperative Bank. The other participants in the deal are the Land Bank of Taiwan, Chang Hwa Bank, the Shanghai Commercial & Savings Bank, Mega International Commercial Bank, En Tie Bank, Hua Nan Bank, Taichung Commercial Bank, COTA Commercial Bank, Taishin International Bank, CTBC Bank and Bank of Taiwan.
The Taiwan dollar-denominated credit facility has an initial term of three years, which can be extended with an additional two. The loan was 17% oversubscribed, Gintech noted.
(TWD 10 = USD 0.300/EUR 0.272)
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