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Dear Friends of HKBN
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HKBN Refinances HK$5.5bn with Overwhelming Industry Support
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Deal highlights include:
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Overwhelming support & confidence in HKBN from the international banking community with 3 times oversubscription by 23 banks for the syndication portion, resulting in us upsizing the deal from HK$5.0bn to HK$5.5bn to partially satisfy the excess demand.
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In the past 12 months, we have refinanced our entire long-term debt portfolio of over HK$10bn, resulting in our record low borrowing costs with extended tenures.
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The additional savings and financial agility set a strong foundation for executing our growth strategy.
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At HKBN, our business is compellingly positioned for near and long-term future growth. As a Group, we are managed by a unique Co-Ownership culture; we are harvesting business, technical and operational synergies from our recent M&As with WTT and JOS for broader opportunities across Asia; and we are diversifying both our business and strategy with new e-commerce ventures, and a transformational focus on relationship management to unlock far more possibilities for our enterprise customers.
Just like us, the banking community also sees tremendous upside and resilience in HKBN’s multifaceted growth strategy.
We are thrilled to announce that HKBN has completed a refinancing deal with a syndicated group of 23 banks, led by the Bank of China (Hong Kong) Limited, Hang Seng Bank Limited, China CITIC Bank International Limited, China Construction Bank (Asia) Corporation Limited and Chiyu Banking Corporation Limited, representing a HK$5.5bn 5-year term loan at a favourable interest rate. Due to overwhelming response during syndication, the original deal was upsized from HK$5bn to HK$5.5bn.
The capital raised will be used to refinance our existing debt, enabling us to advance our growth strategy with record low funding costs.
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