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SHKP signs HK$15.2 billion syndicated loan

2013-03-22

Raymond Kwok, SHKP Chairman and Managing Director (front row, fifth left) with bank representatives at the signing ceremony
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Raymond Kwok, SHKP Chairman and Managing Director (front row, fifth left) with bank representatives at the signing ceremony

Sun Hung Kai Properties (SHKP) announced the signing of a HK$15.2 billion five-year syndicated credit facility with a consortium of 21 prime international banks.  The loan proceeds will be used for general working capital for business development in Hong Kong and on the mainland.

The facility was signed by Sun Hung Kai Properties (Financial Services) Limited and guaranteed by SHKP.  It has a 50:50 split into term-loan and revolving-credit tranches.  It was well received by the market and oversubscribed with commitment totalling HK$19.5 billion, leading SHKP to substantially increase the amount from HK$5 billion to HK$15.2 billion.  The facility has a maturity of five years at 138 basis points over HIBOR.

SHKP Chairman and Managing Director Raymond Kwok said at the signing ceremony: “I wish to express my sincere appreciation to the consortium of 21 leading banks for their unstinting contribution to this five-year dual tranche facility.  It was oversubscribed from HK$5 billion to HK$19.5 billion and this overwhelmingly enthusiastic response is a very strong vote of confidence in our Group.

“SHKP aims to balance income from property sales and investment properties to maintain a good equilibrium between steady cash flow and fast asset turnover.  Occupancy of our rental portfolio stays high at around 95%.  The Group has a diverse, premium office portfolio in Hong Kong of over ten million square feet, and is also expanding its mainland presence with a premium portfolio of grade-A offices including the popular Shanghai IFC and Shanghai ICC developments.  Its retail portfolio of over ten million square feet in Hong Kong gives it a leading position in retail leasing market, and this too will expand with the upcoming V City mall above MTR Tuen Mun Station.  On the mainland, both phases of Shanghai IFC mall are fully let and IAPM, scheduled to open later this year, is almost fully pre-leased.  The Group will continue expanding its property development business and will look for good land acquisition opportunities and offer new developments for sale when ready.” Mr Kwok added. 

SHKP has consistently earned high credit ratings.  It currently has an A1 rating from Moody's and A+ rating from Standard & Poor's.

The facility has the backing of the following major local and international financial institutions:

Agricultural Bank of China Limited Hong Kong Branch Coordinating Arranger and Publicity Agent
Bank of China (Hong Kong) Limited Coordinating Arranger and Facility Agent
Mizuho Corporate Bank, Ltd. Coordinating Arranger and Documentation Agent
Sumitomo Mitsui Banking Corporation Coordinating Arranger and Signing Agent
Bank of Communications Co., Ltd. Hong Kong Branch Coordinating Arranger
The Bank of Tokyo-Mitsubishi UFJ, Ltd. Coordinating Arranger
China Construction Bank Corporation, Hong Kong Branch Coordinating Arranger
Deutsche Bank AG Coordinating Arranger
Hang Seng Bank Limited Coordinating Arranger
The Hongkong & Shanghai Banking Corporation Limited Coordinating Arranger
Industrial and Commercial Bank of China (Asia) Limited Coordinating Arranger
Oversea-Chinese Banking Corporation Limited, Hong Kong Branch Coordinating Arranger
Standard Chartered Bank (Hong Kong) Limited Coordinating Arranger
United Overseas Bank Limited Coordinating Arranger
Australia and New Zealand Banking Group Limited Coordinating Arranger
The Bank of East Asia, Limited Coordinating Arranger
Citibank, N.A. Coordinating Arranger
DBS Bank Ltd. Coordinating Arranger
Shanghai Commercial Bank Ltd. Coordinating Arranger
Shanghai Pudong Development Bank Co., Ltd. Coordinating Arranger
Wing Lung Bank, Limited Coordinating Arranger

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