Singapore chipmaker set to draw on US Exim Bank loan

A $653 million guaranteed loan gives Chartered Semiconductor an alternative source of financing.

Chartered Semiconductor Manufacturing is set to draw down on a $653 million medium term trade finance loan from US Exim Bank following the signing of the deal last month.

The credit facility, which is divided into two tranches for drawdown and has an availability period of between two to four years, is a more cost effective alternative source of financing for the BBB-minus-rated company, which has historically tapped the bond markets for funding.

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