Taiwan High Speed Rail seeks T$390 bln refinance-sources
TAIPEI, July 6 (Reuters) - Taiwan's High Speed Rail (2633.TWO: Quote, Profile, Research) is urgently looking to refinance T$390 billion ($11.9 billion) in debt, as it grapples with consecutive quarters of losses, sources told Basis Point, a unit of Thomson Reuters.
The financing will replace two existing syndicated loans and a convertible bond, with the unlisted government-backed Bank of Taiwan, two banking sources said.
Taiwan's Ministry of Transport, the rail operator's largest shareholder, declined to confirm the details, but said the operator was in talks with banks and that the transaction would be completed by the end of the year. ($1=32.92 Taiwan Dollar) (Reporting by Stephanie Tong and Lin Miao-jung, Editing by Jacqueline Wong)
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