May 30, 2012 / 4:07 AM / 5 years ago

BASIS POINT-Hutch calling again, this time for Sweden

(The following item was previously published by Basis Point, a Thomson Reuters publication)

By Jacqueline Poh

HONG KONG, May 30 (Reuters Basis Point) - Hutchison Whampoa Ltd has surfaced in the syndicated loan market again, just two weeks after its Hong Kong unit Hutchison Telephone Co Ltd was reported to be seeking a HK$6.5bn ($837.20 million) refinancing.

Banking sources told Thomson Reuters Basis Point that Hutchison is now raising a SEK10.5bn ($1.46 billion) three-year loan for its Swedish unit Hi3G Access AB.

According to sources, six banks are leading the Swedish refinancing including ANZ, Citigroup, Credit Agricole CIB, Handelsbanken, SE Banken and Swedbank.

The six are now inviting other banks to join in syndication, one source said.

Proceeds are said to refinance a SEK10.5bn loan sealed in December 2009 which paid an all-in of around 210bp via a margin of 150bp over SEK Libor.

The 2009 deal was joined by 18 banks including ANZ, Barclays , BNP Paribas, Citi, CA -CIB, DBS Bank, Deutsche Bank, Goldman Sachs, Handelsbanken, HSBC , ING Bank, Intesa Sanpaolo, Nordea, RBS, Scotiabank, Societe Generale and Svensk Exportkredit.

Sources said the new Swedish loan will have terms similar to the outstanding loan from 2009 which was guaranteed by Hi3G’s owners, Investor AB and Hutchison Whampoa, holding 40% and 60% respectively.

Price talk on the new loan could be around 200bp, similar to Hutchison Telephone’s HK$6.5bn facility, sources said.

Hutchison Telephone’s HK$6.5bn three-year refinancing is currently offering an all-in of 200bp via a margin of 160bp over Hibor and a 120bp fee.

As reported earlier, there are 10 lenders in Hutchison Telephone’s club: Agricultural Bank of China , Bank of China , CA-CIB, CIBC, DBS Bank, HSBC, Mizuho Corporate Bank, Standard Chartered Bank , Sumitomo Mitsui Banking Corp and UOB .

According to Thomson Reuters LPC data, Hutchison Telephone has an existing HK$5bn three-year loan due this December that paid an all-in of about 120bp. BOC, CA-CIB, DBS, HSBC and SMBC were lenders to that deal from 2009.

The last syndicated loan for a Hutchison Whampoa company was in March 2011 for Hutchison Ports Holdings Trust. HPH Trust got a US$3bn three-year financing that paid an all-in of 150bp via a margin of 120bp over Libor. ($1 = 7.7639 Hong Kong dollars) (Editing by Chris Lewis)

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