Taiwan Cement Corp secures syndicated loan, Taiwan

Taiwan Cement Corp (TCC) has secured a five-year oversubscribed syndicated loan of TWD14bn (US$48.29m) from 12 banks, including two Chinese lenders, the company said in a press release.

TCC had planned to raise TWD12.5bn to meet its debts, long-term equity investments and operational costs, the company said in a statement issued after the signing ceremony.

The six main lenders are Mega International Commercial Bank, Chinatrust Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Cooperative Bank, Hua Nan Bank, and China’s Bank of China. The Taipei branch of China's Bank of Communications is among the other six banks funding the loan, which marks the first time that the Taiwan branches of Chinese banks are participating in a syndicated loan issued in New Taiwan dollars, according to TCC.

TCC continues to increase its investment in China from the current 60Mta to 100Mta by 2016.