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Asia Pacific Industrial Deal of the Year 2003
01 May 2004
Hebei Paper: Welcoming visitors
The conventional wisdom in the Chinese project finance market is that the lending business is no longer the business, much less the preserve, of foreign lenders. Two factors make this less than certain – the vagaries of Chinese bank regulation and the fact that few industries at present carry the political clout of the hydrocarbons sector. Hebei Paper, a well-structured and commercially strong project, demonstrates that those borrowers outside of the favoured few can still shop for bargains offshore.
Hebei PanAsia Long Ten Paper is the borrower for a $215 million debt financing of a paper mill in Hebei province, China. The deal, on which DBS Bank is sole lead arranger and underwriter, is a refinement and advance on an earlier deal for lead sponsor PanAsia's Shanghai project. It will use a mixture of dollar and Renminbi debt, underlining the fact that sponsors still like to see a...
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