COUNTRY REPORT HONG KONGuse the proceeds for production projects.
Shareholders will review the proposal on
May 7.
› CNCEG RAISES RMB3.5BN FROM EB
China National Chemical Engineering
Group has sold Rmb3.5bn of five-year
exchangeable bonds in A-shares of CHINA
NATIONAL CHEMICAL ENGINEERING.
The coupon was set at the bottom of the
guidance range of 0.9%–2.0%. The initial
conversion price was set at Rmb7.75, a
premium of 2.2% to the pre-deal spot.
All of the EBs were sold to institutional
investors.
The issuer and the EBs have AAA ratings
from China Chengxin Securities Rating.
The securities can be exchanged into
CNCE’s shares after 12 months.
The group holds 3.19bn CNCE shares,
representing 64.6% of the total issued
capital.
China Securities was lead on the offering
and joint bookrunner with BOC International
(China).
› XINFENGMING SELLS CB
XINFENGMING GROUP raised Rmb2.15bn from
the sale of six-year convertible bonds.
Existing shareholders took about 36.95%
of the CBs. The rest were sold to retail
investors, with the book 428 times covered.
The coupon for the CB is 0.30% in year
one, stepping up to 2.00% in year six.
The initial conversion price was set at
Rmb23.74, or at a premium of 3.5% to
the pre-deal spot. The unsecured bonds
received a AA rating from Shanghai
Brilliance Credit Rating & Investors Service.
Shenwan Hongyuan Financing Services
was sole bookrunner. The polyester and
filament producer will use the proceeds for
four production projects.HONG KONG
SYNDICATED LOANS
› UA FINANCE MAKES QUICK RETURNUNITED ASIA FINANCE is returning to the market
for a HK$1.6bn (US$204m) four-year loan,
barely two months after obtaining a
smaller borrowing.
Mizuho Bank , Standard Chartered and Taipei
Fubon Commercial Bank are the mandated
lead arrangers and bookrunners of the
latest financing, which pays a margin of190bp over Hibor and has an average life of
three years.
Banks are being invited to join at a
top-level all-in pricing of 220bp and
the MLA title via a 90bp upfront fee for
commitments of HK$300m or more,
an all-in pricing of 215bp and the lead
arranger title through a 75bp fee for tickets
of HK$200m–$299m, or an all-in pricing
of 210bp and the arranger title through a
60bp fee for tickets of HK$100m–$199m.
Commitments are due by May 25. Proceeds
are for refinancing and working capital.
Pricing on the new loan is marginally
tighter than that on a HK$850m four-year
financing UA Finance raised in February.
Taipei Fubon Commercial Bank and Taishin
International Bank were the MLABs on that
dual-tranche facility, which offered a top-
level all-in pricing of 222.9bp based on an
interest margin of 200bp over Hibor and a
blended average life of 3.5 years.› COUNTRY GARDEN CLOSES THREE-YEARChinese property developer COUNTRY GARDEN
HOLDINGS has closed a three-year term loan
of HK$1.781bn with commitments from six
lenders in general syndication.
Original sole mandated lead arranger and
bookrunner BNP Paribas pre-funded the loan
in December.IS YOUR COMPANY
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