China: Industrial and Commercial Bank of China has agreed to a US$720m debt swap with Jindong Development Group. The bank will use a limited partnership fund to invest US$360m in the cement producer in the first phase of the transaction, according to Reuters. After the proposed swap is completed, Jindong Development's leverage ratio will fall by 8%.
Industrial and Commercial Bank of China signs US$720m debt-for-equity swap with Jindong Development
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