Six banks have reportedly agreed to support a Deutsche Bank-arranged $225 million 3.5-year term loan for China’s Giti Tire.
According to Thompson Reuters’ ifre.com website, unnamed banking sources shared the information with the publication. No details of what the loan is intended for have yet been released, but it looks likely to be a refinancing tool. Giti has not officially commented on the reports.
Earlier reports published on June 4 said that around 12 banks attended a site visit the week before to Giti Tire’s operations. Back then the news site was saying Giti Tire was in the market for a $225 million loan via sole bookrunner Deutsche Bank.
Another report released in May said the facility has a “door-to-door tenor of 3.5 years and an average life of two years.” The loan, originally scheduled to be sealed up at the end of May, now looks like it will be finalized in July or August. (Tyres & Accessories)