CITIC Pacific launches HK$4b syndicated loan

Updated: 2011-07-29 17:23


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CITIC Pacific Ltd is seeking a HK$4 billion ($513 million) five-year financing in Hong Kong's syndicated loan market to beef up its working capital, banking sources said.

CITIC Pacific's latest loan financing came about a week after it said its iron ore production from a mine in western Australia would be delayed and that there is a potential cost overrun of up to $900 million.

Agricultural Bank of China (ABC), Bank of China Hong Kong (BOCHK) and China Construction Bank (CCB) are the mandated lead arrangers and bookrunners for the steel-to-property conglomerate's financing, sources said.