SG Asia has won the mandate for a US$134.2mn 10-year shipping finance deal for state-owned China Shipping Group. The margin is 90bp over Libor with a commitment fee of 30bp.
The deal is expected to go into syndication in early January.
Proceeds will be used to construct container ships that will be chartered by China Shipping Group.
The facility is 80% of the contract price of the vessels.
China Shipping last tapped the market in June 2003 with a US$58.4mn 10-year deal also led by SG Asia.