Hanlong secures finance for Sundance deal

Australian iron company Sundance Resources announced on Monday that China's Hanlong Mining had secured a financing commitment from China Development Bank to provide a debt facility of up to $1.02 billion for finalizing the takeover deal for Sundance.

Sundance said that Hanlong had also secured another financing commitment from Bank of Deyang Co to help finance the balance of the takeover offer of $1.41 billion.

In a statement on Monday, Sundance said that Hanlong had supplied the information required from it to complete the Scheme Booklet, which will be lodged for the Australian Securities and Investments Commission (ASIC) approval in the coming days.

"Sundance and Hanlong are continuing to work towards holding a Scheme meeting, at which the SDL (Sundance) shareholders will be given the opportunity to vote on the terms of the scheme (implementation agreement), later this year," Sundance said.