SHANGHAI, CHINA: Semiconductor Manufacturing International Corp., China's largest and most advanced semiconductor foundry, announced that its subsidiary, Semiconductor Manufacturing International (Beijing) Corp., has closed a seven-year syndicated loan in the amount of $600 million, from a consortium of banks led by the China Development Bank and the Export-Import Bank of China. The new loan facility will primarily support SMIC's Beijing 12-inch fab expansion and technology development.
Dr. Tzu-Yin Chiu, CEO and executive director of SMIC, commented: "We are delighted to have obtained this loan facility. This credit arrangement shows that major Chinese policy banks and commercial banks recognize the potential of our advanced 12-inch fab in Beijing. In addition, this loan facility strengthens our capital structure, achieving an improved balance between short term and long term debt."
The other participants in the syndicated loan are China Construction Bank, Bank of Shanghai and Bank of Beijing.
Friday, March 16, 2012
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