商业银行并购贷款管理办法公开征求意见 提高并购贷款占并购交易价款比例上限 延长贷款最长期限

Core Viewpoint - The Financial Regulatory Bureau has released a draft of the "Commercial Bank M&A Loan Management Measures," aiming to enhance the support for mergers and acquisitions (M&A) financing, thereby facilitating the transformation and upgrading of traditional industries and promoting the development of a modern industrial system [1][2]. Group 1: Key Changes in M&A Loan Management - The draft expands the applicable scope of M&A loans to include certain conditions for equity-based acquisitions, in addition to controlling acquisitions [2]. - It introduces differentiated qualification requirements for banks engaging in controlling and equity-based M&A loans, based on regulatory ratings and asset scale [2]. - The loan conditions are optimized by increasing the upper limit of M&A loans as a percentage of the transaction price and extending the maximum loan term [2][3]. Group 2: Risk Assessment and Loan Structure - The measures emphasize the assessment of repayment capacity, requiring banks to evaluate the acquirer's ability to repay loans while considering the future development prospects and operational efficiency post-acquisition [2]. - The draft stipulates that the proportion of controlling M&A loans to the transaction price must not exceed 70%, with equity funding making up at least 30% of the transaction price. For equity-based M&A loans, the limit is set at 60%, with a minimum of 40% equity funding [2]. Group 3: Loan Duration - The maximum duration for controlling M&A loans is set at ten years, while for equity-based M&A loans, it is capped at seven years [3].