In August 2011, Crédit Agricole CIB acted as sole bookrunner and mandated lead arranger to a 3-year USD 220 million senior unsecured term loan facility for China Rongsheng Heavy Industries Group Holdings Limited (“Rongsheng”).
Underwritten by Crédit Agricole CIB and guaranteed by the Export-Import Bank of China, this first offshore debt issuance of Rongsheng was well-received by the market and oversubscribed with a total commitment of USD 250 million.
Proceeds of the facility were used by Rongsheng for general working capital.
Rongsheng is a leading heavy industry conglomerate engaged in shipbuilding, offshore engineering, marine engine building and engineering machinery. As of end of 2010, China Rongsheng is ranked as the largest shipbuilder in China and the fifth largest worldwide in terms of total order book.