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Ashurst Advises China Development Bank On Loan To South Africa’s State-Owned Ports And Rail Operator.

9 June, 2015

 

Ashurst advised China Development Bank Corporation on a USD 1.5bn term loan facility granted to Transnet SOC LTD, South Africa’s state-owned ports and rail operator. This funding serves as partial financing for the purchase of 691 locomotives from subsidiaries of CRRC Corporation Limited, the new merged entity arising from a recent merger of the former CNR and CSR, two major PRC rolling stock suppliers. The procurement was made for the purpose of building locomotives in Africa’s most industrialised economy.

 

Subject to the parties’ agreement, an additional USD 1bnfacility may be granted by CDB. Transnet is in the third year of a seven-year, 312.2 billion-rand plan to increase South Africa’s rail and port capacity.

 

The Ashurst team was led by Singapore-based finance partner Chin Chuan Chen.

 

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