34 International Financing Review Asia April 4 2020Proceeds will be used as general working
capital.
Post disposal, the company still holds
US$9m in face value of the 5.25% 2023s but
no longer any 6.50% 2023.SYNDICATED LOANS
› TRIMCO A&E, SML SALE HIT SNAGSThe planned amendment and extension of
a US$255m loan for garment label maker
TRIMCO INTERNATIONAL HOLDINGS is delayed as
lenders await the release of the company’s
latest financials.
The fashion label maker’s earnings and
Ebitda projections for the first quarter of
2020 are expected to take a hit as a result
of the coronavirus pandemic with a drop
in demand from retail clients, which have
temporarily closed stores and shut factories
in a bid to help contain the spread of Covid-
19.
Hong Kong reported a 21% drop in retail
sales in January. China registered 20.5%
and 30.9% year-on-year declines in garment
retail sales in January and February,
respectively, according to the National
Bureau of Statistics.
Private equity firm Affinity Equity
Partners, which bought a majority stake
in Trimco from Partners Group in 2018
with the help of the US$255m five-year
amortising loan, was planning to launch
the A&E in March to extend the maturity to
2025 from 2023.
Cathay United Bank and CTBC Bank were
the mandated lead arrangers, bookrunners
and equal underwriters of the original loan,
which attracted seven other lenders in May
2018.The deal offered a top-level all-in pricing
of 372bp, based on an opening interest
margin of 350bp over Libor at an opening
leverage of 4x–5x. The margin steps down
to as low as 200bp over Libor for leverage of
below 3.25x.
Hong Kong-headquartered Trimco serves
more than 800 brand owners and 7,500
manufacturers around the world, according
to its website.
Separately, a potential sale of another
Hong Kong fashion label maker, SML GROUP,
has also hit a snag following delays to site
visits for due diligence because of travel
restrictions. Banks had earlier submitted
proposals for a financing of approximately
US$200m to back the potential LBO.› STANCHART FIGHTS VIRUS WITH US$1BNSTANDARD CHARTERED announced last Monday
it will commit US$1bn of financing
for companies that provide goods and
services to help the fight against the global
coronavirus pandemic.
The recipients of the financing will
include manufacturers and distributors
in the pharmaceutical industry and
healthcare providers, as well as non-
medical companies that have volunteered
to add manufacturing capabilities for
goods such as ventilators, face masks,
protective equipment, sanitisers and other
consumables.
The bank intends to provide, at
preferential rates, at least US$1bn of
financing to those companies in the form
of loans, import/export finance or working
capital facilities.
“Clearly there’s a cost for companies to
switch into these hugely in-demand items,
so it’s an area where we can help them getup and running more quickly. At the same
time, we want to make sure that existing
manufacturers and service providers
get the support they need,” said Simon
Cooper, CEO of corporate, commercial and
institutional banking at StanChart.
The bank is also trying to identify
companies that may wish to switch into or
add anti-virus products to their output but
have not indicated that they will do so at
this stage.
All financing will be subject to
companies having received regulatory
approvals to manufacture the goods.› ECOGREEN RETURNS WITH GREEN LOANHong Kong-listed fine chemicals maker
ECOGREEN INTERNATIONAL GROUP is back in the
market with a US$150m 3.5-year green
loan.
China Construction Bank (Asia), Hang Seng
Bank and Standard Chartered Bank are the
mandated lead arrangers, bookrunners
and underwriters of the transaction, which
offers an interest margin of 240bp over
Libor and has an average life of 3.05 years.Top bookrunners of Hong Kong dollar bonds,
inc certificates of deposit, commercial paper
1/1/20 – 31/3/20
Amount
Name Issues HK$(m) %
1 HSBC 32 11,055.0 41.3
2 Credit Agricole 11 4,603.0 17.2
3 Standard Chartered 3 1,450.0 5.4
4 Bank of China 4 1,350.0 5.1
5 CBA 3 990.0 3.7
6 BNP Paribas 4 800.0 3.0
7* ABC 2 750.0 2.8
7* JP Morgan 2 750.0 2.8
9 Deutsche 2 450.0 1.7
10* ICBC 1 400.0 1.5
10* Scotiabank 1 400.0 1.5
10* DBS 1 400.0 1.5
10* Citigroup 1 400.0 1.5
Total 59 26,759.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS5aTop bookrunners of Hong Kong dollar bonds,
ex-certificates of deposit, commercial paper
1/1/20 – 31/3/20
Amount
Name Issues HK$(m) %
1 HSBC 19 7,865.0 37.0
2 Credit Agricole 9 3,703.0 17.4
3 Standard Chartered 2 1,350.0 6.4
4* ABC 2 750.0 3.5
4* Bank of China 2 750.0 3.5
4* CBA 2 750.0 3.5
4* JP Morgan 2 750.0 3.5
8 BNP Paribas 2 600.0 2.8
9 Deutsche 2 450.0 2.1
10* Scotiabank 1 400.0 1.9
10* ICBC 1 400.0 1.9
10* Citigroup 1 400.0 1.9
10* DBS 1 400.0 1.9
Total 37 21,269.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS6Top bookrunners of Hong Kong syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 China Merchants Bank 8 1,980.7 15.7
2 Bank of China 8 1,652.4 13.1
3 HSBC 12 1,264.7 10.0
4 SPDB 4 822.3 6.5
5 CCB 6 733.2 5.8
6 ICBC 4 613.6 4.9
7 Standard Chartered 4 532.7 4.2
8 BoCom 2 406.5 3.2
9 DBS 3 395.0 3.1
10 Mizuho 3 363.5 2.9
Total 27 12,604.7
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S9bHong Kong global equity and equity-related
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1 Morgan Stanley 3 596.3 23.7
2 Bofa Sec 2 395.7 15.7
3 Citigroup 1 372.0 14.8
4 China Tonghai Sec 2 353.9 14.0
5* HSBC 2 224.2 8.9
5* Goldman Sachs 2 224.2 8.9
7 UBS 1 59.5 2.4
8 Guotai Junan Sec 3 33.5 1.3
9 Get Nice Sec 1 29.7 1.2
10 Deutsche 1 23.7 0.9
Total 30 2,520.6Source: Refinitiv dataB&RXQWU\LQGG