COSCO Container Lines CorpÆs $100 million three year revolving credit was signed yesterday May 31 via mandated lead arrangers DnB NOR Bank, Citigroup and Mizuho Corporate Bank. The deal was funded in April 2007.
The facility carries a margin of 28.5bp with a top level all-in of 38bp over Libor.
Syndication was oversubscribed and final allocations saw DnB NOR Bank, Mizuho Corporate Bank and Citigroup contribute $30 million, $20 million and $10 million respectively. Coming in as arrangers were Banca Intesa, Bank of Tokyo-Mitsubishi UFJ, BayernLB and OCBC committing $10 million apiece.
Proceeds are for general corporate purposes and to refinance existing debt.
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