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K. Wah International Closes HK$3,980 Million 5-Year Term Loan and 4-Year Revolving Credit Facility
(Hong Kong－24 March 2014)－K. Wah International Holdings Limited (“KWIH” or “the Group”) (stock code: 0173) today announced the closing of a HK$3,980 million 5-year term loan and 4-year revolving credit facility (the “Facility”) with a consortium of 10 prime international and local banks.
Guaranteed by KWIH, the Facility is borrowed by its wholly-owned subsidiary K. Wah Financial Services Limited. On the back of the strong demand from banking institutions, the Group elected to raise the Facility amount to HK$3,980 million from an initial target of HK$3,000 million.
The Facility, arranged by Bank of China (Hong Kong) Limited, DBS Bank Ltd., Fubon Bank (Hong Kong) Limited / Taipei Fubon Commercial Bank Co., Ltd., Hang Seng Bank Limited, The Hongkong and Shanghai Banking Corporation Limited and United Overseas Bank Limited, carries interest rates of HIBOR + 1.55% on the 5-year tranche and HIBOR + 1.35% p.a. on the 4-year tranche.
Paddy Lui, Executive Director of KWIH, said that the Group is pleased with the overwhelming support received from the banking community, resulting in the upsize of the Facility.
"The positive response demonstrates a strong vote of confidence in our Group. The Facility is a timely arrangement that will go towards refinancing a maturing facility, and provide additional financial resources to capture high-potential investment opportunities and provide general working capital.” Lui said.
"Committed to developing niche and premium projects, KWIH will continue to launch quality, innovative and competitive products, while accelerating the project development cycle to increase asset turnover.” added Lui.
The syndicate group comprises the following banks and financial institutions:
Mandated Lead Arrangers and Bookrunners
Bank of China (Hong Kong) Limited
DBS Bank Ltd.
Fubon Bank (Hong Kong) Limited / Taipei Fubon Commercial Bank Co., Ltd.
Hang Seng Bank Limited
The Hongkong and Shanghai Banking Corporation Limited
United Overseas Bank Limited
Mandated Lead Arrangers
Mega International Commercial Bank Co., Ltd.
Sumitomo Mitsui Banking Corporation
Arrangers
Industrial and Commercial Bank of China (Macau) Limited
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KWIH Announces 2013 Annual Results
Quality Projects in Mainland China Receive Favourable Response Profit Attributable to Equity Holders of the Company Reaches HK$1.6 Billion Dividend for the Year Amounts to 15 HK cents per Share 26 Mar 2014 - K. Wah International Closes HK$3,980 Million 5-Year Term Loan and 4-Year Revolving Credit Facility 24 Mar 2014
- Galaxy Entertainment Group Record 2013 Annual Results 19 Mar 2014