IFR Magazine – June 08, 2019

ASIA-PACIFIC

CHINA

GEELY UNITS WHEEL OUT LOANS

(ONGû+ONG
LISTEDûGEELY AUTOMOBILE HOLDINGS is
INûTALKSûWITHûBANKSûFORûAûCLUBûLOANûOFûABOUTû
53MûEVENûASûITSûSUBSIDIARYûHASû
LAUNCHEDûANOTHERûRENMINBI
DENOMINATEDû
BORROWINGûINû#HINA
'EELYû!UTOûISûEYEINGûAûTHREEûORûlVE
YEARû
BORROWING ûPROCEEDSûOFûWHICHûWOULDûBEû
PARTIALLYûUSEDûFORûRElNANCINGûAû53Mû
TERMûLOANûMATURINGûINû/CTOBER
4HATûTWO
YEARûTERMûLOANûWASûOBTAINEDû
FROMûlVEûBANKSûASûAûCLUBûûTRANSACTIONûINû
/CTOBERûû&UNDSûWEREûUSEDûFORûTHEûEARLYû
REDEMPTIONûOFû53MûOFûûSENIORû
NOTES ûASûPARTûOFûTHEûBORROWERSûEFFORTSûTOûCUTû
INTERESTûCOSTS
-EANWHILE ûGENIUS AUTO FINANCE, a
SUBSIDIARYûOFû'EELYû!UTO ûISûRAISINGû
2MBMû53M ûTHROUGHûAûDUAL
TRANCHEûTERMûLOAN
Bangkok Bank (China), Intesa Sanpaolo
Shanghai branch, Korea Development Bank
Shanghai branch, MUFG (China) and Standard
Chartered (China) AREûTHEûMANDATEDûLEADû
ARRANGERSûANDûBOOKRUNNERSûOFûTHEû
TRANSACTION ûWHICHûCOMPRISESûAûTWO
YEARû
4RANCHEû!ûANDûAûONE
YEARû4RANCHEû"ûWITHû
AVERAGEûLIVESûOFûûANDûûYEARS û
RESPECTIVELY
Tranches A and B offer interest margins of
ûANDûûOFûTHEû0"O#ûRATE û
RESPECTIVELYû4HEûONE
YEARû0"O#ûBENCHMARKû
LENDINGûRATEûISûNOWû ûWHILEûTHEûTWO
YEARûRATEûISû
,ENDERSûAREûBEINGûINVITEDûTOûCOMMITûTOû
EITHERûORûBOTHûTRANCHESû-,!SûCOMMITTINGû
2MBMûORûMOREûEARNûTOP
LEVELûALL
INû
PRICINGûOFûûANDûûOFûTHEû0"O#ûRATES û
RESPECTIVELY ûBASEDûONûBPûANDûBPû
UPFRONTûFEESûFORû4RANCHESû!ûANDû"
Lead arrangers with commitments of
2MBMn2MBMûRECEIVEûALL
INSûOFûû
ANDûûOFûTHEû0"O#ûRATESûVIAûBPûANDû
BPûFEES ûRESPECTIVELY ûWHILEûARRANGERSû
COMINGûINûWITHû2MBMn2MBMûEARNû
ûANDûûOFûTHEû0"O#ûRATESûASûALL
INû
PRICINGûBASEDûONûFEESûOFûBPûANDûBP
&UNDSûWILLûBEûUSEDûFORûRElNANCINGûANDû
WORKINGûCAPITAL
'EELYû!UTOûOWNSûûOFû'ENIUSû!UTOû
&INANCE ûWHILEû".0û0ARIBASû0ERSONALû&INANCEû
HOLDSûTHEûREMAINDER
4HEûLATESTûLOANSûFROMû'EELYû!UTOûANDû
'ENIUSû!UTOû&INANCEûFOLLOWûAûõBNû
53BN ûDUAL
TRANCHEûTERMûLOANûCLOSEDû
INû!PRILûFORû'EELYû!UTOSûPARENTûCOMPANY û
:HEJIANGû'EELYû(OLDINGû'ROUP

4HATûõBNûLOANûRElNANCEDûTWOûBRIDGEû

FACILITIESûTHATûBACKEDûTHEûCARMAKERSû

ACQUISITIONSûINû%UROPEûLASTûYEAR

GLOBAL SWITCH LOAN IN MARKET

&OURûBANKSûHAVEûUNDERWRITTENûAûaMû

THREE

YEARûLOANûFORûJIANGSU SHAGANG GROUP,

#HINASûLARGESTûPRIVATELYûOWNEDûSTEELMAKERû

TOûBACKûITSûPLANNEDûACQUISITIONûOFûANû

ADDITIONALûûSTAKEûINû"RITISHûDATAû

CENTREûOWNERû'LOBALû3WITCHû(OLDINGS

China Merchants Bank and DBS Bank are the

MANDATEDûLEADûARRANGERSûANDûBOOKRUNNERSû

ANDûTOOKûaMûANDûaMûRESPECTIVELYû

China Mingsheng Banking Corp and Industrial &

Commercial Bank of ChinaûJOINEDûWITHûaMû

ANDûaMûRESPECTIVELY

4HEûFOURûBANKSûSIGNEDûTHEûLOANûINûLATEû

-AYûANDûHAVEûLAUNCHEDûTHEûDEALûINTOû

LIMITEDûSYNDICATION

*IANGSUû3HAGANGSûWHOLLYûOWNEDûSPECIALû

PURPOSEûVEHICLEûISûTHEûBORROWERûWHILEûTHEû

PARENTûISûPROVIDINGûAûKEEPWELLûAGREEMENT

The consideration for the stake purchase

ISûAROUNDûaBN

*IANGSUû3HANGANGûISûALREADYûAûSHAREHOLDERû

INû'LOBALû3WITCHûHAVINGûBEENûPARTûOFûTWOû

CONSORTIAûTHATûACQUIREDûûCOMBINEDû

EARLIER

,ASTû.OVEMBERû3TRATEGICû)$#ûAû"6)

REGISTEREDûINVESTMENTûCOMPANYû

representing a consortium of six Asian

INSTITUTIONALûANDûPRIVATEûINVESTORSûINCLUDINGû

*IANGSUû3HANGANGûRAISEDûAû53BNûTHREE

YEARûTERMûLOANûTOûFUNDûITSûaBNûPURCHASEû

OFûAûûSTAKEûINû'LOBALû3WITCHû#ITICû

"ANKû)NTERNATIONALûANDûITSûASSOCIATEû#.#"û

(ONGû+ONG  û)NVESTMENTûWEREûTHEûLENDERSûTOû

THATûDEAL

3EPARATELYû'LOBALû3WITCHûHASûPICKEDû

#,3!û'OLDMANû3ACHSûANDû*0û-ORGANûASû

SPONSORSûFORûAû(ONGû+ONGû)0/ûOFûABOUTû

53BNûTHISûYEARû4HEû(ONGû+ONGûLISTINGû

COULDûGIVEûTHEûCOMPANYûAûVALUATIONûOFûATû

LEASTûaBN

'LOBALû3WITCHûRATEDû"AA""""""û

OPERATESûûDATAûCENTRESûACROSSûTHEûWORLDû)Tû

BEGANûOPERATIONSûFORûTHEûlRSTûPHASEûOFûAû

(+BNû53M û(ONGû+ONGûDATAûCENTREû

INû$ECEMBERûûWHILEûCONSTRUCTIONûISû

ONGOINGûFORûTHEûSECONDûANDûlNALûPHASEû

WHICHûWILLûBEûLAUNCHEDûATûTHEûENDûOFûTHISû

YEAR

SINO-OCEAN SEEKS UNDERWRITERS

SINO-OCEAN CAPITALûANûALTERNATIVEûINVESTMENTû

FUNDûOWNEDûBYû3INO

/CEANû'ROUPû(OLDINGû

ISûASKINGûBANKSûTOûUNDERWRITEûAûLOANûOFû

AROUNDû53M

EQUIVALENTûFORûITSû

ACQUISITIONûANDûDEVELOPMENTûOFûAûLANDû

PARCELûINû"EIJING

4HEûlNANCINGûISûEXPECTEDûTOûBEûEQUALLYû

SPLITûBETWEENûAû53MûOFFSHOREûPORTIONû

BACKINGûTHEûLANDûACQUISITIONûANDûAû

2MBBNû53M  ûONSHOREûPIECEûFORûTHEû

CONSTRUCTIONûOFûAûCOMMERCIALûPROPERTYûWITHû

ANûEXPECTEDûGROSSûDEVELOPMENTûVALUEûOFû

ABOUTû2MBBN

4HEûLANDûPARCELûINû#HAOYANGûDISTRICTûWILLû

form the security for the onshore tranche

ANDûWILLûBEûSHAREDûASûCOLLATERALûWITHûLENDERSû

ONûTHEûOFFSHOREûTRANCHEûTHROUGHûANûINTER

CREDITORûAGREEMENT

3INO

/CEANû#APITALûWASûFOUNDEDûINûû

BYû(ONGû+ONG

LISTEDû3INO

/CEANû'ROUPû

#HINAû,IFEû)NSURANCEûANDû!NBANGû)NSURANCEû

'ROUPûAREûTHEûMAJORITYûSHAREHOLDERSûOFû3INO

/CEANû'ROUP

)Nû!PRILû(ARBOURû,INKû6ENTURESûAûWHOLLYû

OWNEDûUNITûOFû3/,û0ROPERTYû&UNDû)))ûRAISEDû

(+BNû53M  ûTHROUGHûAûTHREE

YEARû

OFFSHOREûLOANûASûPARTûOFûANûONSHOREOFFSHOREû

FACILITYû4HEûLOANûlNANCEDûITSûACQUISITIONûOFû

ABOUTûûOFû/CEANû/FlCEû0ARKûAûGRADEû!û

OFlCEûBUILDINGûINûCENTRALû"EIJINGûFORûABOUTû

2MBBN

EQUIVALENTûFROMû3INO

/CEANû

'ROUP

)#"#û)NTERNATIONALû)NVESTMENTû

-ANAGEMENTûANDû3INO

/CEANû'ROUPûAREû

INDIRECTûLIMITEDûPARTNERSûOFû3/,û0ROPERTY

CGNPC LAUNCHES GREEN LOAN

3TATE

OWNEDû#HINAû'ENERALû.UCLEARû0OWERû

#ORPûHASûLAUNCHEDûAû53MûlVE

YEARû

'REENûLOANûFORûRENEWABLEûENERGYûPROJECTS

4HEûCOMPANYûISûPROVIDINGûAûGUARANTEEû

WHILEûITSûSUBSIDIARYûCGNPC INTERNATIONAL is the

BORROWER

ANZ, Bank of China, Credit Agricole CIB and

Industrial & Commercial Bank of China (Asia) are

THEûMANDATEDûLEADûARRANGERSûANDû

BOOKRUNNERSûOFûTHEûBULLETûTERMûLOANûWHICHû

PAYSûANûINTERESTûMARGINûOFûBPûOVERû,IBOR

"ANKSûHAVEûBEENûINVITEDûTOûJOINûASû-,!Sû

WITHûTICKETSûOFû53MûORûMOREûFORûTOP

LEVELû

ALL

INûPRICINGûOFûBPûBASEDûONûANûUPFRONTû

FEEûOFûBPû,EADûARRANGERSûCOMMITTINGû

ASIA-PACIFIC LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME (INCLUDING JAPAN)

BOOKRUNNERS: 1/1/2019 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Mizuho 224 38,959.37 19.2

2 MUFG 346 29,537.43 14.6

3 Sumitomo Mitsui Finl 254 22,700.41 11.2

4 Bank of China  92 13,352.11 6.6

5 HSBC 36 6,861.26 3.4

6 Standard Chartered  31 5,460.95 2.7

7 Agricultural Bank of China 13 5,360.12 2.6

8 State Bank of India 2 4,896.41 2.4

9 ANZ 26 4,730.04 2.3

10 United Overseas Bank  12 3,828.90 1.9

Total 1,210 202,569.94

Proportional credit

Source: Refinitiv SDC code: S3a