Chinese Shipper Seeking Revamp Said to Ask Banks to Join Loan
- Tianjin Tianhai invites lenders to join the $4.27 billion loan
- Facility is to back its proposed acquisition of Ingram Micro
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A Chinese container shipping firm has asked banks to join a loan backing its proposed acquisition of a U.S. computer distributor as it tries to transform itself into a general logistics operation, according to people familiar with the matter.
Tianjin Tianhai Investment Co., based in northern China, has invited lenders to contribute to the $4.27 billion loan to support its $6 billion proposed acquisition of computer, networking and software distributor Ingram Micro Inc., the people said. Agricultural Bank of China Ltd. is coordinating the seven-year facility, according to the people, who asked not to be identified because the details are private.