SHANGHAI, Jun. 25 (SMM) – China Zhongwang Holdings Ltd. has secured $500 million of low-cost financing from a group of banks and institutions, the company announced on its website June 23.
China Zhongwang entered into a facility agreement with 19 international financial institutions, which allows the company to obtain $500 million of loan facility for a term of 36 months. The loan carries an interest rate of 275 basis points over LIBOR, the company said.
As China’s largest industrial aluminium extrusion developer and manufacturer, China Zhongwang posted a 17.7% year-on-year rise in net profit for the 2013 fiscal year. Its satisfactory performance was said to have laid the foundation for its success in securing low-cost lending.