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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: baosteel | aquila | loans

Print Edition

FinanceAsia Print Edition