Paul Hastings Advises China Rongsheng on US$220 Million Syndicated Loan
Hong Kong (August 11, 2011) Paul Hastings, a leading global law firm, announced today that it has advised China Rongsheng Heavy Industries Group Holdings Limited (China Rongsheng), one of Chinas largest heavy industries groups, in securing a US$220 million syndicated loan from a consortium of banks led by Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and guaranteed by the Import-Export Bank of China. This marks the first time that China Rongsheng has raised loan financing from overseas.
The U.S. dollar denominated loan is expected to be used by China Rongsheng to complement its working capital and manage its foreign exchange risks, as a significant volume of its orders are from overseas customers.
China Rongsheng is a long-standing client of Paul Hastings. In November 2010, Paul Hastings capital markets practice advised on the companys U.S$1.8 billion Hong Kong IPO and global offering.
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