| To : Business Editor | For immediate release |
HONGKONG LAND SIGNS HK$6 BILLION SYNDICATED LOAN FOR
MEDIUM-TERM INVESTMENT AND DEBT REFINANCING
28th May 1997 - Hongkong Land Holdings Limited today announced that a HK$6 billion (US$770 million) syndicated loan facility had been put in place. The facility is to finance the Group's medium-term investment expenditure in Hong Kong and to refinance a portion of the Group's existing loan facilities. Due to significant response, the loan amount was increased from HK$3.6 billion to HK$6 billion.
The coordinating arrangers for the syndication are HSBC Investment Bank Asia Limited, Chase Manhattan Asia Limited and Société Générale Asia Limited, and a total of 24 financial institutions participated. Société Générale Asia Limited has been appointed the Facility Agent.
The loan is divided into two separate tranches and includes a revolving feature in the first two years. The first tranche of HK$3.3 billion has a maturity of 5 years, with an interest rate of 42 basis points per annum over HIBOR. The second tranche of HK$2.7 billion has a 7 years tenor and is priced at 50 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 secured under an existing Trust Deed mortgage on a property in its Hong Kong portfolio.
Commenting on the completion of the syndication, Mr Ian Durant, Finance Director of Hongkong Land, said, "We are delighted with the overwhelming response to the syndication from a wide spread of leading banks. The loan will provide facilities at attractive rates for Hongkong Land's on-going investment programme in Hong Kong, and will help the Group to achieve a longer debt maturity profile."
The Hongkong Land Group owns and manages some 5 million sq. ft of prime office and retail space in the heart of Hong Kong's Central business district. The Group is also building a portfolio of property and infrastructure projects elsewhere in the Asia-Pacific Region and is active in the Philippines, Singapore, Vietnam and Indonesia. At 31st December 1996, the Group had net borrowings of US$358 million (HK$2.8 billion) which represented 4% of the Company's Shareholders' funds of US$9,871 million (HK$77 billion).
For further information, please contact:
| Hongkong Land Ian Durant |
Tel: (852) 2842 8300 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: (852) 2543-5413 (office) |
This announcement can be accessed through the Internet at "http://www.irasia.com/listco/sg/hkland" and is also available through "First Call".
Note to Editor
HONGKONG LAND HK$6 BILLION SYNDICATED LOAN -
LIST OF PARTICIPATING BANKS
Coordinating Arrangers
HSBC Investment Bank Asia Limited
Chase Manhattan Asia Limited
Société Générale Asia Limited
Senior Arrangers and Senior Lead Managers
The Hongkong and Shanghai Banking Corporation Limited
Société Générale, Hong Kong Branch
Chase Manhattan Asia Limited
The Bank of Tokyo-Mitsubishi, Ltd.
Bayerische Landesbank Girozentrale, Hong Kong Branch
Commerz (East Asia) Limited
The Development Bank of Singapore Ltd
The Sakura Bank, Limited
The Sanwa Bank, Limited, Hong Kong Branch
Westdeutsche Landesbank Girozentrale
Arrangers and Lead Managers
The Bank of Nova Scotia
The Dai-Ichi Kangyo Bank, Limited, Hong Kong Branch
The Daiwa Bank, Limited, Hong Kong Branch
Standard Chartered Bank
The Sumitomo Bank, Limited
Co-Arranger & Expanded Lead Manager
The Tokai Bank, Limited, Hong Kong Branch
Senior Managers
Den Danske Bank, Hong Kong Branch
Hamburgische Landesbank-Girozentrale-Hong Kong Branch
The Mitsubishi Trust and Banking Corporation, Hong Kong Branch
National Australia Bank Limited
Managers
CARIPLO S.p.A. - Hong Kong Branch
DG BANK Deutsche Genossenschaftsbank, Hong Kong Branch
The Industrial Bank of Japan, Limited, Hong Kong Branch
The Toyo Trust and Banking Company, Limited, Hong Kong Branch
Agent
Société Générale Asia Limited
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