Syndicated Loan Enhances Debt Structure While Reducing Financing Costs
HONG KONG, July 9, 2013 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI", HKEX code: 884), one of China's Top 50 Real Estate Developers, is pleased to announce the signing of a US$156.5 million three-year Syndicated Loan Agreement with a consortium of international and local banks.
Priced at an interest rate of 5.65% per annum above LIBOR or HIBOR, the Syndicated Loan is a dual-currency term loan facility of approximately US$156.5 million divided into the following two tranches: United States dollars tranche of US$75 million; and Hong Kong dollars tranche of HK$636 million.
This facility reflects a vote of confidence in CIFI's future business strategies and development from the banking industry. Arrangers of the Syndicated Loan are Standard Chartered Bank (Hong Kong) Limited, Wing Lung Bank Limited, The Bank of East Asia Limited, Hang Seng Bank Limited, Tai Fung Bank Limited and Luso International Banking Limited.
Mr. Lin Zhong, Chairman and Chief Executive Officer of CIFI, said, "I would like to express my sincere appreciation to the consortium of banks for their strong support to the three-year Syndicated Loan Agreement. This agreement has broadened our offshore financing platform and enhanced our debt structure; and provides strong foundation to the Group's future development."
CIFI has a healthy financial position and currently has a B1, B+ and B+ rating from Moody's, Standard & Poor's and Fitch respectively.
About CIFI Holdings (Group) Co. Ltd.
CIFI Holdings (Group) Co. Ltd., headquartered in Shanghai and one of China's Top 50 Real Estate Developers in terms of sales revenue, is engaged in the property development, property investment and property management businesses in the PRC. CIFI is a strategy-oriented and shareholder value-focused real estate enterprise. The Company develops its business strategies in line with government policies related to the real estate sector in the PRC. In the area of residential property development, CIFI principally focuses on developing residential properties with small-to-medium unit sizes, comfortable living environments and locations with good public transportation links. In the area of commercial property development, CIFI principally focuses on developing commercial properties for sale.
