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05/12/2010 / CHINA / GLOBAL LOAN SYNDICATION
Crédit Agricole CIB sole bookrunner for SMWT in China
Crédit Agricole CIB acted as sole bookrunner and agent bank in a 3-year syndicated loan facility for Shanghai Michelin Warrior Tire Co Ltd (SMWT). Structured in two tranches, the loan amounts RMB 1.23 billion, and aims at refinancing the existing debt of the company.
Crédit Agricole CIB in China has maintained a long standing relationship with Michelin Group in this country since 2001. Then, the Bank firstly arranged the syndicated loan facility for SMWT with an initial amount of RMB 863 million, in order to finance the company’s capital expenditure and working capital.
100% owned by Michelin, SMWT manufactures passenger car radial tyres and steel cord for the Chinese market.