China National Building Unit Said to Sign 1.2 Billion Yuan Loan

China National Building Material Company Ltd. unit, South China Cement Ltd., signed a 1.2 billion yuan, three-year loan after initially seeking 1 billion yuan, according to a person familiar with the matter.

The facility pays an interest rate equivalent to 100 percent of the People’s Bank of China’s best three-year lending rate and proceeds will be used for working capital and to refinance, the person said, asking not to be identified as details are private.

Credit Agricole CIB was hired to arrange the facility and was joined in syndication by Agricultural Bank of China Ltd. (601288), China Citic Bank Corp. and Ping An Bank Co., the person said.

To contact the editor responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.