Man-Made solution: fibre maker eyes loan for capex
Taiwan Cooperative Bank launched China Man-Made Fiber Corp’s NT$6bn ($196m) seven year loan into general syndication last week and is targeting only domestic lenders to raise demand for the deal, after pricing it at 105bp over Taiwan’s secondary CP rate.
The lead is giving lenders until April 12 to make their commitments for the multi-tranche facility. The company will use some of the money to repay an existing loan, but the rest will go to meet its capital expenditure needs, according to a banker familiar with the loan.
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