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China International Marine Said to Boost Loan by 25 Percent

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Feb. 21 (Bloomberg) -- China International Marine Containers Group Co. increased a loan by 25 percent to $375 million after attracting a total of 13 banks, according to a person familiar with the matter.

The loan was arranged by HSBC Holdings Plc, ING Groep NV and Standard Chartered Plc, and is expected to be signed on Feb. 23, said the person, who declined to be identified because the details are private.

Joining the loan in syndication are Bank of East Asia Ltd., Bank of Tokyo-Mitsubishi UFJ Ltd., Commonwealth Bank of Australia, E Sun Commercial Bank, First Commercial Bank Co., Hang Seng Bank Ltd., Mega International Bank Co., Metropolitan Bank & Trust, Shenzhen Development Bank Co. and Taiwan Cooperative Bank, the person said.

The loan has a tenor of 3 1/4 years and pays 230 basis points more than the London interbank offered rate, another person familiar with the matter said on Nov. 24. Proceeds will be used for capital expenditure, that person said.

China International Marine designs and manufactures containers and airport facilities.

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net

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