Kohlberg Kravis Roberts & Co. L.P. said Monday it completed a $115 million financing in Tianrui Cement, a large cement producer based in China’s Henan province.
Titan Cement Ltd., an entity controlled by KKR, acquired a minority stake with the $115 million. Tianrui also received $335 million in U.S. dollar and Chinese yuan commitments from International Finance Corp. and an international banking syndicate led by JP Morgan. The loan facility is the first sponsor-related, yuan-denominated long-term syndicated loan arranged by international banks in China.
The company said it will use the proceeds for growth and expansion.
"We are optimistic about the long-term growth prospects of China’s cement industry and the enormous opportunity Tianrui Cement has to gruther grow and expand its business," David Liu, a KKR partner, said in a prepared statement.