| To : Business Editor | For immediate release |
HONGKONG LAND SIGNS HK$6.38 BILLION SYNDICATED LOAN AND
RECEIVED A3/A- RATINGS FROM TOP RATING AGENCIES
8th March 2001 - Hongkong Land Holdings Limited today announced that a HK$6.38 billion (US$820 million) syndicated loan facility has been put in place. The facility is to finance the Group's medium-term investment expenditure and to refinance a portion of the Group's existing loan facilities. Due to the overwhelming response, the loan amount was increased from HK$3 billion to HK$6.38 billion. A total of 25 financial institutions participated.
The facility consists of two tranches and includes a revolving feature in the first three years. The first tranche of HK$4.25 billion has a maturity of 5 years, with an interest margin of 47 basis points per annum over HIBOR. The second tranche of HK$2.13 billion has a 7-year tenor and the interest margin is 55 basis points per annum over HIBOR.
The facility, which has been entered into by The Hongkong Land Property Company Limited, a wholly-owned subsidiary, is unsecured.
Commenting on the completion of the syndication, Mr Nicholas Sallnow-Smith, Chief Executive of Hongkong Land, said, "We are delighted with the overwhelming response to the syndication from so many leading banks. The loan will provide facilities at attractive rates for Hongkong Land's investment programme, and will significantly extend the Group's debt maturity profile."
Along with the completion of the syndication, Hongkong Land today received for the first time an 'A3' and 'A-' rating from Moody's and Standard & Poor's respectively. Mr Sallnow-Smith commented that achieving investment grade ratings will provide Hongkong Land with the flexibility to tap non-bank debt markets to diversify its funding sources.
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company owns and manages some 5 million sq. ft of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in the Hong Kong SAR, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs some 600 people, has its primary share listing in London, and at end of 2000, reported shareholders' funds in excess of US$6 billion.
For further information, please contact:
| Hongkong Land Limited | |
| Kuah Boon Wee | (852) 2842 8101 |
| Golin/Harris Forrest | |
| Adrian Overholser | (852) 2501 7937 |
This and other Group announcements can be accessed through the Internet at "www.hkland.com".
HONGKONG LAND HK$6.38 BILLION SYNDICATED LOAN
LIST OF PARTICIPATING BANKS
BOCI Capital Limited
The Hongkong and Shanghai Banking Corporation Limited
ABN AMRO Bank N.V.
The Bank of East Asia, Limited
The Bank of Tokyo-Mitsubishi, Ltd.
BNP Paribas Hong Kong Branch
The Industrial and Commercial Bank of China, Hong Kong Branch
The Sakura Bank, Limited
The Sanwa Bank, Limited, Hong Kong Branch
Standard Chartered Bank
The Sumitomo Bank, Limited
Bank of China, Hong Kong Branch
The Hongkong and Shanghai Banking Corporation Limited
ABN AMRO Bank N.V.
The Bank of East Asia, Limited
The Bank of Tokyo-Mitsubishi, Ltd.
BNP Paribas Hong Kong Branch
The Industrial and Commercial Bank of China, Hong Kong Branch
The Sakura Bank, Limited
The Sanwa Bank, Limited, Hong Kong Branch
Standard Chartered Bank
The Sumitomo Bank, Limited
The Development Bank of Singapore Ltd
Mizuho Financial Group (DKB/FUJI/IBJ)
WestLB
The Agricultural Bank of China, Hong Kong Branch
Wing Lung Bank, Limited
The China & South Sea Bank, Ltd., Hong Kong Branch
Hua Chiao Commercial Bank Ltd
The Kwangtung Provincial Bank, Hong Kong Branch
Nanyang Commercial Bank, Limited
Sin Hua Bank Limited, Hong Kong Branch
The Yien Yieh Commercial Bank Ltd., Hong Kong Branch
Bank of China, Macau Branch
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