(Hong Kong, 26 August 2008) Sino-Ocean Land announced that it has successfully secured a US$215 million syndicated loan as general working capital and for funding future real estate projects.
The syndicated loan facility, lead-arranged by Bank of China (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited, ICBC Group (ICBC Asia / Seng Heng Bank Ltd.), Bank of Communications Co., Ltd. Hong Kong Branch and Bank of East Asia on a club deal basis, is a two-year floater at LIBOR plus 2.25%. The current LIBOR is at approximately 3%, the interest rate will be lower than interest rate of similar loans in the PRC even adding 2.25%. Moreover, as revenue is denominated in RMB, the Company will be able to benefit from the potential appreciation of RMB over US dollar in the next two years.
Mr. LI Ming, Chief Executive Officer of Sino-Ocean Land, said, "The facility provides a new source of funding and financing channel for the Company's development. Sino-Ocean Land has built a superior credit track record over the years and has been widely recognized by customers and partners for our quality products and brand image. As a result, the Company has been enjoying unimpeded, low-cost and wide range of financing channels. This loan, amid the current credit crunch, demonstrates the confidence of the banks in our businesses and China's property sector. While diversifying financing channels, Sino-Ocean Land will maintain its prudent financial strategy to maximize returns for our shareholders."
京ICP备05051870号