PARD signs $100M syndicated loan

The Mainboard-listed frozen fish supplier will use the fresh funds for refinancing and working capital.

Pacific Andes Resources Development Limited closed the $100 million transferable term loan facilities with a consortium of 13 Taiwanese banks or financial institutions, according to the release.

The 3-year transferable term loan facility was arranged by Taipei Fubon Commercial Bank Co., Ltd, EnTie Commercial Bank Co., Ltd., Industrial Bank of Taiwan Co., Ltd., and Taishin International Bank Co., Ltd.

"On the back of PARD’s reputation, the Syndicated Loan has been 1.6 times oversubscribed at the general syndication, and the final amount was increased from US$75 million to US$100 million," said PARD.

"Part of the Syndicated Loan is to be used for refinancing, while the remaining will serve as general working capital, enhancing the Group’s financial flexibility. The banks' belief in PARD's business model is exemplified by the fact that the loan is structured on a nil-collateral basis," it added.

Mr. Ng Joo Siang, Executive Director and Chairman of PARD, said that the Group is very pleased that the loan arrangement has come to a close with overwhelming response amid current environment of credit tightening and rising interest rates.

“I wish to express my appreciation to the arrangers and participating banks. The facility has been oversubscribed by a consortium of 13 lenders, and this overwhelming response shows not only a strong vote of confidence from the banking community, but also a demonstration of our solid reputation and business potentials. With the new financing, the Group is at good stead to further develop its business in the future,” Mr. Ng concluded.