Modern Terminals Limited Signs
HK$6-billion Five-year Revolving/Term Loan Facility
(Hong Kong, 6 October 2005) Hong Kong container terminal operator Modern Terminals Limited today signed a five-year HK$6-billion revolving credit/term loan facility with 14 leading banks. The loan facility will repay outstanding advances under the existing HK$2.6-billion revolving credit/term loan facility signed in September 2002, and finance the companyˇ¦s general working capital requirements
The banks participating in the loan facility are:
Mandated Lead Arrangers and Bookrunners: |
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ABN AMRO
Bank of China ( Hong Kong) Limited
Calyon
Citigroup
DBS Bank Ltd
HSBC
Mizuho Corporate Bank, Ltd.
Standard Chartered Bank ( Hong Kong) Limited
UFJ Bank Limited, Hong Kong Branch
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| Lead Arrangers: |
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Bank of America, N.A.
The Bank of Tokyo-Mitsubishi, Ltd.
BNP Paribas Hong Kong Branch
Société Généralé, Hong Kong Branch
Sumitomo Mitsui Banking Corporation
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| Facility Agent: |
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HSBC |
The loan facility was oversubscribed by 1.8 times.
ˇ§We are pleased with the positive response and success of this deal,ˇ¨ commented Mr Sean Kelly, Modern Terminalsˇ¦ Managing Director.
ˇ§Besides comprehensively upgrading our existing terminals at Kwai Chung, we have become involved in several important new terminal developments on the Mainland. The signing of the new financial arrangement will play an important role in helping us to realize our exciting plans for the future, which will further extend and strengthen our position in the container port industry in China.ˇ¨ Mr Kelly added.
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About Modern Terminals Limited
Modern Terminals, a subsidiary of The Wharf (Holdings) Limited, has been continuously aiming for service excellence ever since it opened Hong Kong's first purpose-built container terminal in September 1972. In 2000, it established ModernPorts, Hong Kong's first one-stop e-business portal providing a wide range of port-related services for the shipping community. In February 2003, it jointly established OnePort Limited with other terminal operators to improve the efficiency of business processes in the Hong Kong Port through an open, secure and neutral platform for exchanging electronic information. In 2002, Modern Terminals launched the PRD Inland Gate, a unique network of dedicated daily feeder services that provide a faster, more efficient, cost-effective and reliable means of moving containers between Hong Kong Container Port and major manufacturing centres in the Pearl River Delta. Apart from optimizing its core business in Hong Kong Port, Modern Terminals has also been actively expanding into China in recent years. For more information, please visit www.ModernTerminals.com.
Issued by Modern Terminals Limited
For further information, please contact:
Joel Cheung, Corporate Affairs Manager
Tel: +852 2115 3640
Email: cad@ModernTerminals.com
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