Baosteel seeks smaller Aquila bridge loan

Baosteel downwardly revises size of bridge loan as it moves closer to buying Aquila, with a nod from Australia's Foreign Investment and Review Board on Thursday.

Baosteel seeks smaller Aquila bridge loan

Chinese state-owned Baosteel has revised its request for proposals for a one-year bridge loan to fund its acquisition of Australia-listed Aquila Resources.

According to one source familiar with the matter, the steel maker initially asked banks to submit proposals for a A$600 million-equivalent US dollar-denominated loan but later cut that to A$300 million-equivalent as it was unsure whether banks would be willing to extend the bigger amount.

The revised proposals are due...

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