Huaneng snubs foreign banks for Tuas refi

25 Jun 2009

Huaneng Power left its international lenders fuming this week as it turned to one of China’s biggest banks to refinance a S$2.25bn ($1.54bn) loan, shunning offers that it said were too expensive.

Huaneng, China’s biggest power producer, is believed to have lined up a bilateral loan from state-controlled Bank of China to refinance bridge debt funding its acquisition of Singapore’s Tuas Power last year.

The deal comes as a snub to Huaneng’s existing lenders, many of which will have signed ...

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