ZhengTong revs up for $200m loan to finance acquisition after scrapping bond plan

China ZhengTong Auto Services has approached bankers with a $200m loan, hoping to find the money to pay back some of the debt it took on when buying a domestic rival last year. The company will have a site visit with potential lenders next week.

  • 13 Jul 2012

ZhengTong scrapped its attempt to raise $300m in the international bond market in May, and has now turned to the bank market instead. It bought SCAS Investment Group, which owned more than 20 dealerships, last August for Rmb5.5bn ($863m).

ZhengTong funded the takeover with a mix of debt ...

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