A Shanghai semi-conductor maker has agreed a five-year loan worth 600 million US dollars with a consortium of ten international and eight Chinese banks for production expansion and re-financing.

The loan is the largest of its kind agreed in China this year.

"This represents a first for Semiconductor Manufacturing International Corporation (SMIC) in the international syndicated loan markets," said Richard R. Chang, chief executive officer of SMIC.

ABN AMRO Bank N.V. of the Netherlands, Bank of China (Hong Kong) Limited, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, Ltd., China Construction Bank, DBS Bank Ltd., Fubon Bank (Hong Kong) Limited, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank were the coordinating arrangers and China Construction Bank acted as the financing and security agent.

Mike Netterfield, managing director of ABN AMRO Bank N.V., said the loan, the largest corporate syndicated loan in China this year, reflected the positive view and confidence that the banking community has in SMIC and its future development.

SMIC is one of the world's leading semiconductor manufacturers. Based in Shanghai, SMIC operates three computer chip plants in Shanghai, one in Tianjin, and one in Beijing.

Source: Xinhua