| For Immediate Release | February 23, 2001 |
SHKP signs HK$7.8 billion syndicated loan
Sun Hung Kai Properties (SHKP) today signed a HK$7.8 billion revolving credit and term loan facility with a consortium of 22 leading local and international financial institutions. The facility was initially floated at HK$5 billion, but given the enthusiasm of the financial community, the total was raised to accommodate the extra demand.
The facility, arranged through Sun Hung Kai Properties (Financial Services), has a maturity of seven years and carries an interest margin of 0.5 per cent over HIBOR. It will be available on a revolving basis for the first three years, after which it will convert to a term loan.
SHKP will use part of the facility proceeds to refinance some existing short term debts, enabling it to maintain a low gearing with sufficient stand-by facilities, as well as lengthen the maturity profile of its borrowings. The remainder of the loan will be used as general working capital.
Speaking at the loan-signing ceremony, SHKP Vice Chairman and Managing Director Raymond Kwok said the fact that the facility was oversubscribed by a broad geographical spread of 22 leading lenders must be taken as a very strong vote of confidence in the SHKP Group.
Mr Kwok said that with substantial cash inflow from rental revenue and pre-sales of development properties, SHKP is in a robust financial position, which is why Moody's recently upgraded its long-term foreign currency rating outlook from stable to positive, in line with that of Hong Kong's sovereign ceiling.
The syndicated loan facility has the backing of the following financial institutions:
Co-ordinating Arrangers
BOCI Capital Limited
The Bank of Tokyo-Mitsubishi, Ltd.
The Sumitomo Bank, Limited
BNP Paribas
The Fuji Bank, Limited (Mizuho Financial Group)
Standard Chartered Bank
The Bank of East Asia, Limited
China Construction Bank, Hong Kong Branch
Dresdner Kleinwort Wasserstein
The Industrial and Commercial Bank of China, Hong Kong Branch
The Sakura Bank, Limited
The Tokai Bank, Limited, Hong Kong Branch
Lead Manager
Wing Lung Bank, Limited
Managers
Rabobank Hong Kong Branch
Sin Hua Bank Limited, Hong Kong Branch
The China & South Sea Bank Limited, Hong Kong Branch
Hua Chiao Commercial Bank Ltd.
Kincheng Banking Corporation, Hong Kong Branch
The Kwangtung Provincial Bank, Hong Kong Branch
The Mitsubishi Trust and Banking Corporation, Hong Kong Branch
Tai Fung Bank Limited, Macau
The Yien Yieh Commercial Bank Ltd., Hong Kong Branch
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