Fortes­cue inks deal with Chi­nese bank

China Daily (USA) - - BUSINESS -

China Devel­op­ment Bank Fi­nan­cial Leas­ing Co Ltd and Aus­tralia’s Fortes­cue Met­als Group have en­tered into a $473-mil­lion agree­ment to fund the on­go­ing con­struc­tion of eight iron ore ves­sels. The fi­nance lease fa­cil­ity will fund 85 per­cent of Fortes­cue’s con­struc­tion costs over 12 years, the largest di­rect fund­ing ar­range­ment pro­vided by a ma­jor Chi­nese fi­nancier for a non-Chi­nese com­pany in Aus­tralia, with op­tions for lease ex­ten­sion or early pay­ment. “This is a ground break­ing fi­nanc­ing trans­ac­tion which builds and broad­ens Fortes­cue’s highly val­ued re­la­tion­ships with China through our first di­rect fund­ing ar­range­ment with a ma­jor Chi­nese leas­ing com­pany,” Fortes­cue Chief Ex­ec­u­tive Nev Power said on Mon­day.

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