Sany Group’s $200 Million Loan Said To Attract Ten Banks

By Wendy Mock - May 21, 2012 4:12 PM GMT+0800

Sany Group Co., the owner of China’s biggest machinery maker, got commitments from 10 banks for its $200 million-equivalent three-year loan, according to a person familiar with the matter.

Bank Sinopac, Chinatrust Commercial Bank and Tai Fung Bank Ltd. committed $17 million each, while Cathay United Bank Co. pledged $15 million and Nanyang Commercial Bank Ltd. provided HK$132.6 million ($17 million), the person said, asking not to be identified because the details are private.

HSBC Holdings Plc, the loan’s arranger and bookrunner, committed $25 million, the person said. Bank of Taiwan, Hang Seng Bank Ltd., Shanghai Pudong Development Bank and Taiwan Business Bank each pledged $23 million, the person said.

The loan is being borrowed by a unit of Sany Group and guaranteed by Sany Heavy Industry Co. (600031), the person said.