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H&H – pre-export finance
23 March 2009
Sturdy structure wins banks over
Read more:
Inner Mongolia Huomei Hongjun
aluminium
power generation
Glencore
Denton Wilde Sapte
alumina
This deal deserves special recognition as an extremely tight and complex trade structure for a debut borrower. Fortis and RBS came together to sign a $250 million three-year pre-export secured syndication for China's Inner Mongolia Huomei Hongjun Aluminium & Electricity (H&H). Proof of the deal's robustness occurred with the overwhelming success of the syndication which was oversubscribed in September, despite credit appetite being at an all-time low. Bankers close to the deal described the structure as 'bomb-proof'.
The facility was used to finance H&H's purchase of domestic alumina and the import of alumina and other raw materials to satisfy its existing aluminium ingot production needs. In addition the loan will finance the purchase of equipment and machinery for H&H's maintenance and expansion plan....
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