Credit Suisse Loans up to $1B to Vinashin

Wednesday, October 03, 2007
Vietnam's largest shipbuilder gets more money from Credit Suisse to help fund its growing business. Credit Suisse has signed a memorandum of understanding (MOU) to develop a financing program of up to $1b for one of Vietnam’s largest state-owned enterprises, Vietnam Shipbuilding Industry Group (Vinashin). The arrangement will also see Credit Suisse provide other financial services to the company. Vinashin controls over 70% of Vietnam’s shipbuilding industry and plays a pivotal role in the country’s economy. It has helped Vietnam to earn its place as the eighth largest shipbuilder in the world. The company employs more than 60,000 people and has more than 200 subsidiaries, including 28 shipyards. Vinashin has signed $8b worth of shipbuilding contracts in the past year, according to Reuters. Such rapid expansion means that the company’s financing needs are vast. The proceeds of Vietnam’s debut sovereign bond in 2005 – totalling $750m – are currently on-lent to the company. And in January this year, Vinashin signed a financing agreement with Credit Suisse which resulted in a $600m loan being extended to the company. This was the first and reportedly the largest offshore corporate loan issued to a Vietnamese enterprise. Further, Vinashin has stated that it plans to raise $742m from domestic bonds this year to fund four shipyard projects. In late September, the company issued $185.6m in 10-year bonds in the domestic market to expand its fleet of cargo ships. [Source: http://www.financeasia.com]
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