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China Fishery secures new $828 million refinancing facility

Published on Mar 24, 2014 11:19 AM

China Fishery Group, a Singapore Exchange mainboard-listed industrial fishing company, said on Monday it has secured new credit of US$650 million (S$828 million).

The term and revolving credit facility was secured from a bank consortium made up of China CITIC Bank International, Rabobank International in Hong Kong, DBS Bank (Hong Kong), Standard Chartered Bank (Hong Kong) and HSBC, said China Fishery in a statement.

The company will use part of the money from the facility to redeem US$250 million worth of senior notes issued by Corporacion Pesquera Inca, S.A.C., now a subsidiary of China Fishery Group.

The remaining funds will be used to acquire all issued shares in the capital of Copeinca ASA, to repay or prepay some of China Fishery's existing loans, and to finance the general corporate purposes of the group.

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