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China Jinjiang Environment secures US$216m syndicated term loan
WASTE-TO-ENERGY facilities operator China Jinjiang Environment Holding Company (CJE) has secured US$216 million in its first syndicated term loan facility, the group said in a regulatory filing on Wednesday. Proceeds will be used for the group's working capital.
The facility, consisting of US$200 million and 100 million yuan (S$20.87 million), was secured through an agreement with Standard Chartered Bank (Hong Kong) Limited and Standard Chartered Bank (China) Limited as leaders of the syndicate. Standard Chartered is the lead arranger, bookrunner and placement agent of the facility, with a total of 12 international banks participating.
CJE non-executive, non-independent chairman Wang Yuanluo said: "The facility was oversubscribed and it is a sign of confidence from the international financial markets in the vision that we can grow sustainably into a large-scale and international WTE (waste-to-energy) player."
She added that the deal will provide a benchmark and case study for all future overseas financing transactions for CJE "and even peers within the PRC’s environmental protection industry".