Celebration ceremony of $300 million syndicated loan held in Hongkong
In the evening of March 23rd, the celebration ceremony of 300 million dollar syndicated loan was held in Four Seasons Hotels, Hongkong.
Representatives from 7 banks of the ABN AMRO Bank, the First Abu Dhabi Bank in the United Arab Emirates, the Western Pacific Bank of Australia, the Commonwealth Bank of Australia, the Nanyang Commercial Bank, the Sumitomo Bank of Japan, OCBC of Singapore, and the representatives of our trade partner Trafigu and the law consultant Reed smith were present.
Wang Hua, chief executive of commodity structured financing department of ABN.AMRO Asia Pacific region presided over the ceremony. Our group general manager Liu Xiaohui, and Mr. Simon Dodd who is the president of the ABN.AMRO(Great China region) delivered a speech.
In his speech, Liu Xiaohui congratulated on the success of the syndicate loan. He was grateful for the high efficient organization, coordination and planning of the ABN.AMRO, for the strong support of the participating banks and trading partner Trafigura, and for the high quality and efficient legal services offered by Reedsmith law firms.
He pointed out that this syndicated loan was promoted into the market in late December 2017, led by ABN.AMRO as an exclusive leading bank. At the end of January 2018, we financed $300 million, 2 times more than expected funds.
He said that this syndicated loan was almost taken in festivals, and the work atmosphere was also as cheerful and lively as that of festivals. At the same time, we created a record. The effective working time of the whole syndicated loan is only about 7 weeks, creating the shortest record.
He said that the successful issuance of loans provided ample low-cost funds for the strategic development of Fangyuan group. It is of great significance to propel the new and old driving force conversion to achieve high quality development and set up an international brand image.
Mr. Simon Dodd said in his address that we should celebrate the success of Fangyuan in financing. The 300 million US dollar financing amount again proved the credit level and long-term outlook of Fangyuan and its appeal in the international capital market. This financing was also the first bulk commodity structured financing in 2018. This success made a good start for the development of Fangyuan and the bulk commodity market in this year.
This syndicated loan was a new-phase international syndicated financing after Fangyuan received 500 million US dollar foreign debt approved by the State Administration of Foreign Exchange in 2016, following the completion of the first-phase $385 million syndicated loan led by Deutsche Bank and the ING bank in the second half of 2016. At present, the foreign financing cooperation of our company is getting better, and the ability of making foreign financing is further strengthened. Our company has established a stable business cooperation relationship with nearly 20 foreign banks.