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[20 April 2004, Shenzhen] Yantian International Container Terminals (YICT) announced today that the Company has signed a HK$3.3 billion 5-year term loan facility (the "Facility") with a consortium of banks. According to the Facility, the consortium which includes Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and China Development Bank, will provide YICT with loan facilities in HK dollars, US dollars and RMB, totalling HK$3.3 billion, to finance YICT's Phase III project.
With a total investment of HK$6.6 billion, the Phase III Project includes four 9,000-plus TEU vessel berths along with the necessary support facilities. The first two berths commenced operations on 16 October and 26 November 2003 respectively. The remaining two berths are due for completion by the middle and end of 2004. The entire Phase III project is estimated to be completed by the end of 2005. Upon completion, YICT will have adequate capacity to handle cargo traffic growth in the region.
The financing plan attracted warm responses from the banks, which led to four times oversubscription of the Facility.
The Consortium includes the following banks:
Coordinating Arrangers
Bank of China
Industrial and Commercial Bank of China
Arranger
China Construction Bank
Managers
Agricultural Bank of China
China Development Bank
Facility Agent
Industrial and Commercial Bank of China
Background Information
Yantian International Container Terminals
Yantian International Container Terminals (YICT) is a natural deepwater port in South China with five 5,000-plus TEU vessel berths. Currently the terminal is undergoing a major construction programme, Phase III, which will provide an additional four 9,000-plus TEU vessel berths. These new facilities will be completed by the end of 2004. The entire Phase III project is estimated to be completed by the end of 2005.
YICT is a member of the Hutchison Port Holdings (HPH) Group, a wholly-owned subsidiary of the multinational conglomerate Hutchison Whampoa Limited (HWL). HPH is the world's leading port investor, developer and operator with interests in 15 countries throughout Asia, the Middle East, Africa, Europe and the Americas. Today, HPH operates in a total of 32 ports together with a number of transportation related service companies.
For details, please contact:
Ms. Helen Du
Corporate Communications Manager
Tel: (86-755) 25290457
Fax: (86-755) 25290234
Email: helen.du@yict.com.cn
 Mr. Kenneth Tse (centre), Director and General Manager of YICT and Mr. Chen Qinshuo (third from right), Director of YICT (Phase III) sign the Facility with representatives of the Consortium. |
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