Shenzhen Investments, CNPC meet with success

Shenzhen Investments and CNPC (HK) have successfully closed their loan deals following over-subscription in general syndication.

Shenzhen Investments seems to be getting into the habit of closing over-subscribed deals. Its $150 million five-year loan was over-subscribed to over 15% in general syndication following which the borrower decided to upsize the loan to $175 million.

This deal follows in the footsteps of the company's last deal in September 2000. That deal tapped by the company in its previous incarnation as Shum Yip Investments was also over-subscribed in general syndication and upsized to $80 million from an original size of $60 million.

The present facility will refinance the convertible bonds issued by the company in August 1997. According to figures provided by Dealogic, Shum Yip Investments raised $230 million from the convertible...

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