Tuesday, January 20, 2004
Chinese foundry Semiconductor Manufacturing International Corp. has borrowed $285 million to fund the expansion of its main 200-mm wafer fabs in Shanghai.
SMIC signed the deal last week with four Chinese banks " Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank. The new agreement, disclosed Monday, brings SMIC's total loan liability with Chinese banks to $765 million.
The company has raised more than $2.4 billion since late 2001, including $630 million through its Series C issuance of preferred shares. The company is hoping to make an initial public offering (IPO) of shares in the company this year, probably in the first half, in the US and Hong Kong, which could net it another $750 million.
The company needs the capital to fund its expansion plans.
By: DocMemory
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