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06-01-2014

Henderson Land Development Company Limited
HK$13.8 Billion 4-Year & 5-Year Term Loan / Revolving Credit Facility

(6th January 2014, Hong Kong) Henderson Land Development Company Limited (“Henderson Land” or the “Company” (stock code: 12.HK)), one of the leading property companies in Hong Kong, announced that it signed a HK$13.8 billion 4-year and 5-year term and revolving credit facility with 19 leading international and local banks, with eight banks taking part as mandated lead arrangers and bookrunners.
 
The transaction is split evenly between four and five years in maturity, each with equal term and revolving credit tranches, and the borrowing entity is Henderson Land Credit (2014) Limited. It was very well-received by the banking community, achieving a total of HK$13.8 billion, which is 2.75 times the Company’s initial target size of HK$5 billion. This is the largest syndicated loan ever concluded by Henderson Land. The yield for top-level participating banks was fixed at an all-in pricing of 132bp for a blended life of 4.5 years. This unsecured facility refinances a HK$10 billion syndicated loan signed in January 2011 that will expire later this month.
 
This landmark transaction gives a strong vote of confidence and endorsement in Henderson Land’s outstanding results and prospects by its relationship banks. By concluding favourable loan pricing and obtaining a flexible structure to include revolving credit limit to cater for its refinancing needs, this loan transaction further enhances Henderson Land’s capital structure while at the same time giving an impetus to the Hong Kong loan market at the beginning of 2014.
 
The 19 banks are enlisted as follows:
 
Joining as Mandated Lead Arrangers and Bookrunners –
Bank of China (Hong Kong) Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The Hongkong and Shanghai Banking Corporation Limited
Mizuho Bank, Ltd.
Australia and New Zealand Banking Group Limited
Crédit Agricole Corporate and Investment Bank
The Royal Bank of Scotland plc, Hong Kong Branch
Sumitomo Mitsui Banking Corporation
 
Joining as Mandated Lead Arrangers -
Bank of America, N.A.
China Construction Bank (Asia) Corporation Limited
DBS Bank Ltd
Hang Seng Bank Limited
ING Bank N.V.
Oversea-Chinese Banking Corporation Limited Hong Kong Branch
Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch
Standard Chartered Bank (Hong Kong) Limited
United Overseas Bank Limited
 
Joining as Managers -
Bank of East Asia
BNP Paribas Hong Kong Branch