COSCO's Florens borrows US$170M buy containers

Florens Container Corp SA, a subsidiary of COSCO Pacific (1199), borrowed US$170 million loan (about $1.33 billion) guaranteed by COSCO Pacific to buy containers. The deal will have a tenor of seven years with an average life of five years and an all-in of 95 basis point. HSBC and SG arranges the deal. Florens borrowed a loan of US$80 million in February. The deal has an average life of 3.5 years with the margin of 120 basis point over LIBOR.

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