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Asia Syndicated LoansAsia Leveraged/non-investment grade loans

Tianqi reels from lithium price drop with $3.5bn loan refi under pressure

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Tianqi Lithium Corp’s rising debt burden since its acquisition of a stake in a Chilean mining company two years ago is causing trouble. The Chinese borrower is seeking covenant waivers and a tenor extension on part of a $3.5bn loan, raising concerns among bankers about the performance of other commodity credits amid the Covid-19 pandemic. Pan Yue reports.

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