Appleby advises FMO on syndicated loan of $90m to China Singyes

Appleby has acted as Bermuda and British Virgin Islands counsel for Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) in relation to its participation in a syndicated loan of $90m (£58m) to China Singyes Solar Technologies Holdings.

The $90m A/B syndicated loan facility included in the consortium participants comprising Hong Kong, Taiwanese and Korean banks. FMO and the Royal Bank of Scotland (RBS) acted as joint mandated lead arrangers and bookrunners. This is the first syndicated loan that Singyes has raised since its listing in Hong Kong and the second financing made by FMO in the China solar energy sector.

The loan will be used primarily for developing Singyes’s projects in the China solar energy sector, as well as for capital expenditure and general working capital of the group.

The Appleby team was led by Jeffrey Kirk, corporate and commercial partner of Appleby, and assisted by senior associate Rupen Shah.

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