| Corporate | | | ZTE secures USD900 mn syndicated loan | | | TT Correspondent | | 09 Jul 2011 | | |   ZTE on Friday announced that it has entered into an agreement for a USD900 million three-five years syndicated term loan with 10 leading international banks through its wholly owned subsidiary ZTE (H.K.) Limited.
The loan will be guaranteed by ZTE and will be used for the general working capital requirements of ZTE (H.K.) Limited. Raising the debt in US dollars is an effective way for ZTE to hedge against the appreciation of RMB. ZTE’s financing offer received significant support from 10 international banks and was more than two times over-subscribed from the initial target.
ZTE Executive Vice President and Chief Financial Officer, Mr. Wei Zaisheng, said, "Hong Kong is an international financial center that offers a platform to attract investment and funds from around the globe and ZTE will continue to build more solid partnerships with Hong Kong’s leading international banks, to assist all-round co-operation for future overseas market opportunities.”
Mr. Wei added, “More than half of ZTE’s business is now focused on overseas projects, so having this debt measured in US dollars places us in a better position to respond to the challenges of RMB appreciation. |
|