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Host Country: China (Hong Kong) |
Industry/Sector: Energy |
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Sponsor: Beijing Energy Group |
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Borrower: Beijing Jingneng Clean Energy (Hong Kong) Co. Limited |
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Total Investment: HKD 1.72bln |
Debt Amount: HKD1.72 bln |
Financing Terms: Maturity Date: 21 Jun 2021 |
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Purpose of Financing: |
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To finance, and refinance Eligible Green Assets / Projects in accordance with the BJCE Green Finance Framework |
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Guarantee Structure: |
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Guarantor: Beijing Jingneng Clean Energy, Co., Ltd. (SEHK ticker: 579.HK) |
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Participating Banks and Roles: |
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Mandated Lead Arranger & Bookrunner: HSBC
Mandated Lead Arrangers: Hang Seng Bank, Westpac Banking Corporation
Lead Arrangers:
Agricultural Bank of China Limited, Industrial and Commercial Bank of China (Asia) Limited, Industrial and Commercial Bank of China (Macau) Limited, Commonwealth Bank of Australia, The Korea Development Bank / KDB Asia Limited, China Construction Bank (Asia) Corporation Limited, Chong Hing Bank Limited, BNP PARIBAS, Credit Industriel et Commercial, MUFG Bank Ltd., Sumiotmo Mitsui Trust Bank.
Arrangers:
Bank of Taiwan, E. Sun Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Taiwan Cooperative Bank. |
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Overview and Highlight of Project: |
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On 21 June 2018, Beijing Jingneng Clean Energy, Co., Ltd. (“BJCE”) successfully completed its debut 3-yr HK$1.72bn green syndicated term loan facility in Hong Kong. This is the first Green Loan for a PRC Corp in Hong Kong syndicated loan market and BJCE’s inaugural syndicated loan in Hong Kong. HSBC acted as the Sole Mandated Lead Arranger, Underwriter and Bookrunner, Facility & Security Agent as well as Green Structuring Advisor in this deal. HSBC provided a one-stop shop debt structuring and green advisory service to BJCE, and our strong market access as well as distribution capability in syndication market enabled smooth deal execution and a successful maiden offshore syndicated loan transaction for BJCE. The transaction attracted overwhelming investor interest and strong market demand, with a total order book of over HK$7.0 bn in commitment from a diversified syndicate of over 25 banks, resulted in an oversubscribed syndication at a subscription rate of more than 4.0 times. Others member banks of the Belt and Road Inter-Bank Regular Cooperation Mechanism have also participated in this deal, including ABC, ICBC, CCB.
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Awards or Public Evaluation: |
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N/A |
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Other Information: |
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BJCE, established in Aug10 and listed on the Hong Kong Stock Exchange on 22Dec11 (ticker: 579.HK, mkt cap.: HK$13bn as of 20Jun18), is a controlled company of Beijing Energy Holding Co., Ltd. (“BEH”) which is wholly owned and controlled by Beijing SASAC. BJCE is an industry-leading clean energy brand, the largest gas and power supplier in Beijing, and a leading wind power operator in China. BJCE’s operating footprints cover Beijing, Inner Mongolia, Ningxia and Sichuan. Principal activities of BJCE are gas-fueled power generation and heating, wind power, photovoltaic (PV) power, small-and mid-sized hydropower, and other clean energy businesses. Since 2014, BJCE has successfully expanded its investments and operating footprints into Australia’s wind and solar energy business (i.e. Gullen Range and Biala), which aligns with the Belt and Road initiative of the PRC Government. BJCE Green Finance Framework was established in alignment with LMA/APLMA Green Loan Principles and ICMA Green Bond Principles, and it has received a Second Party Opinion from Hong Kong Quality Assurance Agency (HKQAA). |
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