[China] SMIC borrows $600 million for Beijing expansion
Chinese foundry Semiconductor Manufacturing International Corp. (Shanghai, China) has announced that is subsidiary Semiconductor Manufacturing International (Beijing) Corp., has closed a seven-year syndicated loan of $600 million.

The money comes from a consortium of banks led by the China Development Bank and the Export-Import Bank of China. The loan is mainly intended to support expansion and technology development for SMIC's 300-mm wafer fab in Beijing.

Tzu-Yin Chiu, CEO of SMIC, said, "This credit arrangement shows that major Chinese policy banks and commercial banks recognize the potential of our advanced 12-inch fab in Beijing. In addition, this loan facility strengthens our capital structure, achieving an improved balance between short term and long term debt."

The other participants in the syndicated loan are China Construction Bank, Bank of Shanghai and Bank of Beijing.

SMIC has one 300-mm and three 200-mm wafer fabs at its Shanghai campus and two 300-mm modules in its Beijing wafer fab facility. SMIC also has a 200-mm fab in Tianjin, and a 200-mm fab under construction in Shenzhen. In addition, SMIC manages and operates a 300-mm wafer fab in Wuhan that is owned by Wuhan Xinxin Semiconductor Manufacturing Corp.
Source: EETimes