Sembcorp unit inks $74m revolving credit facility with DBS Hong Kong
The facility can be extended by two years.
Sembcorp Energy (Shanghai) Holding Co., Ltd. (SESH), a wholly-owned subsidiary of Sembcorp Industries, has inked a dual currency-denominated revolving credit facility (RCF) with DBS Bank (Hong Kong) Limited.
The RCF will provide SESH with access to offshore RMB400m ($74m) or an equivalent amount in Hong Kong Dollars for an initial tenure of three years with a two-year extension option.
SESH will utilise funds from RCF for general corporate purposes including refinancing, capital expenditure, working capital, equity investments, and funding mergers and acquisitions in China.
“China is a key market for Sembcorp and the Group continues to see attractive opportunities in the renewables sector. Sembcorp’s existing portfolio of assets in China generates strong operating cash flow, which forms the primary source of capital to meet its growth plans,” Sembcorp said.
“The establishment of this offshore RMB facility enhances the Group’s capital base to fund its growth,” the company added.
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