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Taiwan Cooperative Bank organizes syndicated loan to Yieh Phui unit

Taiwan Cooperative Bank organizes syndicated loan to Yieh Phui unit

Taipei, Feb. 16 (CNA) Taiwan Cooperative Bank (????) said Monday that it has organized a US$40 million syndicated loan extended to a unit of Yieh Phui Enterprise Co. (??), one of the leading steel makers in the country. Taiwan Cooperative Bank, the banking flagship of Taiwan Cooperative Financial Holding Co., said that the syndicated loan to Yieh Phui (Hong Kong) Holdings Co. (??????) with a maturity of three years is aimed at expanding the borrower's working capital and improving its financial conditions. The bank served as the coordinator for the syndicated loan, which is also supported by the Land Bank of Taiwan (????), Mega International Commercial Bank (????), First Commercial Bank (????) and Sunny Bank (????). Taiwan Cooperative Bank said that these lenders used the London Interbank Offered Rate as the benchmark for the interest rate but declined to disclose more about the financial terms. Yieh Phui Enterprise will continue to expand its production capacity in China and upgrade its production technology by entering the lucrative market of automotive-use steel to boost its bottom line, according to Taiwan Cooperative Bank. According to Yieh Phui's financial statement filed to the Taiwan Stock Exchange, its total debt reached NT$39.87 billion (US$1.27 billion), including NT$14.48 billion in long term debt with a maturity of more than one year, as of the end of September 2014. The latest total loan figure was higher than NT$36.72 billion recorded at the end of December 2013. At the end of September 2014, Yieh Phui was sitting on US$8.96 billion in cash and cash equivalents, compared with NT$8.18 billion recorded as of the end of December 2013. In the first nine months of last year, Yieh Phui posted NT$0.48 in earnings per share, up from NT$0.04 recorded over the same period of the previous year. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-19 05:11 GMT+08:00