China Resources Power Holdings Co. is seeking bank commitments for a HK$6.4 billion ($824 million) syndicated loan after hiring banks to arrange the deal, according to two people familiar with the matter.
The state-owned power generator will use the five-year facility to refinance debt and for general purposes, the people said, asking not to be identified because the details are private. It’s asking lenders to commit by Feb. 21, they said.
China Resources has hired Bank of Tokyo-Mitsubishi UFJ Ltd., China Construction Bank Corp., Commonwealth Bank of Australia, Industrial & Commercial Bank of China Ltd., Mizuho Bank Ltd., Oversea-Chinese Banking Corp., Sumitomo Mitsui Banking Corp., Taipei Fubon Commercial Bank Co. and United Overseas Bank Ltd. to arrange the loan, according to the people.
The company, rated BBB by Standard & Poor’s, will pay lenders a margin of 153 basis points more than the Hong Kong Interbank Offered Rate, the people said.
China Resources’ spokespeople in Hong Kong weren’t immediately available for comment when contacted by phone today.