CNS extends existing loan to finance Want Want buyout
China Network Systems, the Taiwanese cable operator, has launched a NT$45.25bn ($1.55bn) loan to finance its acquisition by Want Want. But the financing will not be documented as a new loan — and will instead extend an existing deal agreed by CNS in the middle of last year.
The 16 lenders that agreed CNSs NT$31.35bn loan in June are being given two options: keep their individual commitments at their current level, or lend CNS up to 10% more. The borrower hopes this will allow it to attract fresh money without worrying its current lenders.
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