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GZI Transport Major Shareholder Yue Xiu Enterprises Completed HK$4.9 bn Refinancing Loan

Date: 2000-09-20
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One of GZI Transport’s major shareholders, Yue Xiu Enterprises (Holdings) Limited ("Yue Xiu"), is pleased to announce that the agreement for a full amount refinancing facility of HK$4.9 billion completed signing on 19 September, 2000 amongst Yue Xiu and its bank creditors.
  
GZI Transport has been operating normally, and did not participate in the above refinancing facility which only involve the unlisted part of Yue Xiu. However, the Board believes that such development of Yue Xiu will have a positive impact to the Group in enhancing the fund raising capability of the Company and as a result, will be beneficial to its business development in the future. Currently, Yue Xiu and Guangzhou Investment together beneficially own an aggregate of about 74 per cent of the issued share capital of the Company.
  
This HK$4.9 billion refinancing facility of Yue Xiu is coordinated by BOCI Capital Limited, The Bank of East Asia, Limited, HSBC Investment Bank Asia Limited, and Societe Generale Asia Limited with the participation by 81 banks and financial institutions. Average interest rate will be Libor/Hibor plus 2.3 % and maturity of the facility will be 5 years. 
  
Apart from the above tranche A facility of HK$4.9 billion, the entire refinancing plan also includes a separate tranche B of HK$2.8 billion standby credit facilities with maturity of 5 years. Signing was completed on the same day with the participation by 23 banks and financial institutions. If necessary, Yue Xiu may convert its contingent liability and secured debt into the refinancing facility in the future by using the above HK$2.8 billion standby facility. The contingent liability is primarily for financing of certain infrastructure projects in Guangzhou guaranteed by Yue Xiu. The operation and debt repayment of these projects have been normal and timely so far.
  
After completion of the refinancing plan, Yue Xiu would continue its steady development in the Southern China market with diversified businesses including property development, cement and ready mixed concrete production, toll road operation, pulp and paper manufacturing, and communication network development and equipment manufacturing through Guangzhou Investment Company Limited and GZI Transport Limited.
  

  
Contact: Sophia Yan, Executive Director of Guangzhou Investment 
(Tel: 2116 8022; Fax: 2598 7688)

 

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