senior notes due June 21 2021, according to
the announcement.
Proceeds from the US$50m senior
secured multi-currency revolver will be
used for general corporate purposes and
working capital.
The existing US$450m term loan was
used to refinance a bridge loan of the same
size, which backed Biostime’s A$1.39bn
(US$1bn then) acquisition of an 83%
stake in Australian vitamin maker Swisse
Wellness.
› SINO-OCEAN LAND RAISES US$693M
Chinese state-owned real estate company
Sino-Ocean Group Holding, formerly
Sino-Ocean Land Holdings, has signed a
US$693m-equivalent four-year term loan
with 10 banks.
Bank of China (Hong Kong) was the facility
agent of the club loan, which comprises
a US$160m tranche and a HK$4.185bn
(US$533m) tranche.
The deal, signed on June 15, paid a top-
level all-in pricing of 250bp over Libor/
Hibor.
The borrower is SINO-OCEAN LAND (HONG
KONG) , a wholly owned subsidiary of the
Hong Kong-listed parent company.
In June 2017, the company signed a
US$697m-equivalent same-tenor loan with
14 banks. BOCHK was also the facility agent
of that borrowing, which paid a top-level
all-in pricing of 245bp via a margin of
215bp over Libor/Hibor.
For full allocations, see http://www.ifrasia.com.› SHENZHEN INVESTMENT SIGNS CLUBHong Kong-listed property developer
SHENZHEN INVESTMENT has signed a HK$10bn
five-year club loan with 15 lenders.
Bank of China (Hong Kong) was the
coordinator and facility agent of the
deal, which offered an all-in pricing of
220bp based on an interest margin of
195bp over Hibor and an average life of
3.75 years.
Signing took place on Tuesday.
According to a stock filing on the same
day, there will be an event of default if
Shum Yip Holdings ceases to own at least
35% of the borrower, ceases to be its single-
largest shareholder, ceases to control the
borrower’s board or itself ceases to be at
least 51% owned by the Shenzhen city
government.
Shum Yip is a wholly owned company
of Shenzhen city government and
currently a 60.8% shareholder in Shenzhen
Investment.
The borrower is the largest listed
property developer under the ShenzhenState-owned Assets Supervision and
Administration Commission.
For full allocations, see http://www.ifrasia.com.› KINGBOARD UPSIZES TO HK$7BNKINGBOARD CHEMICAL HOLDINGS , a Hong Kong-
listed maker of laminates and printed
circuit boards, has made an impressive
return to the loan markets after an eight-
month absence, increasing a four-year
loan to HK$7bn from HK$6bn following
commitments from 12 banks.
DBS , Hang Seng Bank and Standard
Chartered were the mandated lead
arrangers, bookrunners and underwriters of
the latest financing, which is equally split
into a term loan tranche A and a revolving
credit tranche B.
Based on an interest margin of 95bp over
Hibor and a 3.5-year average life, banks
were offered a top-level all-in pricing of
117bp via a participation fee of 77bp.
Funds are for general corporate funding,
capital expenditure and refinancing purposes.
The borrower raised a HK$5.5bn four-
year loan last November. Hang Seng and
StanChart were the MLABs of that financing,
which paid a top-level all-in pricing of 123bp
based on an interest margin of 100bp over
Hibor and a 3.5-year average life.
For full allocations, see http://www.ifrasia.com.MAKE THE MOST OF
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