Qingdao Develop Way digs for $120m loan

Copper mining 230x150
By Shruti Chaturvedi
07 Aug 2014

Chinese commodity trader Qingdao Develop Way Industrial Co has opened up a $120m three year loan, with Deutsche Bank as the mandated lead arranger and bookrunner. The loan comes with three guarantors, as well as security based on Glencore China’s accounts receivable.

The loan comes backed by guarantees from three parties — a personal guarantee from Qingdao Anteisin Group founder Wang Zhijun, Develop Way International Mining, and Develop Way Non-ferrous HK. It offers a margin of 400bp over Libor, said a banker away from the deal.

Besides the guarantees, the ...

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