Sinothink indirectly owns 99% of
Shanghai Xing Qiao Properties. Once the
acquisition is completed, Top Fountain will
indirectly own 99% of Shanghai Xing Qiao
Properties.
For full allocations, see http://www.ifrasia.com.
› MMG MINES FOR US$350M REFI
Hong Kong and Australia-listed MMG has
signed revolving credit facilities totalling
US$350m for its Las Bambas copper mine in
Peru, according to a stock exchange filing
last Wednesday.
Bank of China Sydney branch and Industrial
& Commercial Bank of China Luxembourg
branch each provided a US$175m three-year
revolver for MINERA LAS BAMBAS, which owns
the mine.
The revolvers replace a US$350m
bilateral working capital facility from BoC
that matured in March this year.
Funds are for financing the operating
costs of the Las Bambas mine.
Ownership covenants require China
Minmetals Corp to own more than 50%
of MMG, and to control more than 50% of
all votes at the latter’s general meetings,
appoint or remove all or the majority of
the company’s directors and direct MMG’s
operating and financial policies.
MMG had announced in March that
it planned to refinance BoC’s US$350m
bilateral in the first half of 2019.
MMG owns 62.5% of the Las Bambas
copper mine located in Cotabambas,
Apurimac region of Peru. A wholly owned
subsidiary of China’s Guoxin International
Investment Corp holds 22.5% and CITIC
Metal the balance 15%.
› SUNAC SIGNS THREE-YEAR US$280M
Hong Kong-listed SUNAC CHINA HOLDINGS signed
its three-year amortising term loan at
US$280m last Tuesday, according to a stock
exchange filing on the same day.
The deal was launched in June as a dual-
currency loan at US$400m and can be
increased to that size through an accession
option.
Although the loan was initially available
in Hong Kong dollars, lenders joining in
syndication provided US dollars.
HSBC was the mandated lead arranger
and bookrunner of the loan, which
attracted seven other banks – China Citic
Bank International, Credit Suisse Singapore
branch, Industrial Bank Hong Kong branch, Hang
Seng Bank, Deutsche Bank Singapore branch,
EnTie Commercial Bank and Morgan Stanley
Senior Funding.
China Construction Bank (Asia), which did
not lend, is the facility agent.
The top-level all-in was 472.28bp based
on an interest margin of 400bp over Libor
and an average life of 2.625 years.
Funds are for refinancing.
Ownership covenants require Sun
Hongbin, and his family members and
family trust, to own at least 30% combined
of Sunac, and control the company. Sun
also needs to remain chairman of Sunac’s
board.
Sunac has been a frequent borrower in
the international bond markets this year,
raising US$2.75bn through four issues so
far. Its latest bond was a US$600m 7.25%
three-year non-call two offering that priced
in June at 99.339 to yield 7.5%.
The company’s last visit to the loan
market was in December 2015 via a
self-arranged US$277m three-year club
financing that attracted seven banks.
Although the top-level all-in pricing was
more than 500bp based on an interest
margin of 420bp over Libor, the deal was
reduced significantly from its target size of
US$500m.› DUO TO CLUB UFH BUYOUT LOANNew York-listed investment company NEW
FRONTIER is wrapping up a US$300m loan
backing the buyout of Chinese hospital
operator United Family Healthcare as a two-
bank club.
China Merchants Bank and Shanghai
Pudong Development Bank are the lenders
on the seven-year loan, which will not be
syndicated further.
On July 30, New Frontier, an investment
vehicle of China-focused investment group
New Frontier Public Holding, entered into
a definitive agreement to acquire UFH
from private equity firm TPG Capital and
Shanghai Fosun Pharmaceutical Group for
US$1.44bn, according to a company release
the same day.
Proceeds from New Frontier’s IPO
completed in June last year, combined with
US$711m in equity commitments from a
group of investors including Vivo Capital
and Nan Fung Group, will also finance the
buyout.› SHIMAO INCREASES LOAN TO US$1.35BNChinese developer SHIMAO PROPERTY HOLDINGS
has increased its four-year term loan to
US$1.35bn-equivalent from an initial target
of US$700m–$1bn.
Mandated lead arranger, bookrunner and
coordinator HSBC brought 13 banks into the
financing, which is split into tranches of
US$837.85m and HK$3.994bn (US$509m).
Signing took place on August 9.
The top-level all-in pricing was 298bp based
on an interest margin of 250bp over Libor or
Hibor and an average life of 3.375 years.Peak Castle Assets and its subsidiaries are
providing guarantees along with other non-
PRC subsidiaries of Shimao.
Funds are for refinancing and general
corporate purposes.
Shimao’s previous loan was a US$625m-
equivalent four-year facility in October- HSBC was also the coordinator and
brought seven banks into the facility,
which paid a top-level all-in pricing of
320bp based on a margin of 250bp over
Libor or Hibor and a 3.5-year average life.
Hong Kong-listed Shimao develops
residential and commercial properties, and
operates hotels in the PRC. The company is
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For full allocations, see http://www.ifrasia.com.
› CIFI LIFTS LOAN TO US$364MProperty developer CIFI HOLDINGS (GROUP) has
increased a 3.5-year term loan to US$364m-
equivalent from US$300m.
The deal is currently in documentation
and is expected to be signed by the end of
August. The loan is split into US$160m and
HK$1.599bn tranches.
China Construction Bank (Asia) was the
mandated lead arranger and bookrunner
of the financing, which paid a top-level
all-in pricing of 390bp based on an interest
margin of 310bp over Libor or Hibor and an
average life of 3.175 years.
Last Wednesday, CIFI signed a separate
3.5-year loan of up to US$50m-equivalent
with Hang Seng Bank, according to a stock
exchange filing last Thursday.
Certain offshore subsidiaries of CIFI
Holdings are providing guarantees.
Ownership covenants require the
company’s chairman Lin Zhong, vice-
chairman Lin Wei and CEO Lin Feng, and
trusts set up with their families or affiliates
as beneficiaries, and three British Virgin
Islands-incorporated companies – Beauty
Fountain Holdings, Eternally Success
International and Gentle Beauty Assets – to
own at least 40% of CIFI Holdings combined.
The covenants also require either of the
three individuals to be chairman of the
company’s board.
Shanghai-headquartered and Hong Kong-
listed CIFI Holdings is rated B1/BB/BB.› AGILE INCREASES LOAN TO US$235MHong Kong-listed property developer AGILE
GROUP HOLDINGS has increased a three-year
amortising term loan to US$235m with
six banks joining in syndication despite
the deal’s significantly tighter pricing
compared with a previous borrowing in
December 2018.
Industrial and Commercial Bank of China
Singapore branch was the original mandated