水發興業能源獲IFR 亞太2020 Turnaround Deal大獎

欄目:企業新聞 發布時間:2021-04-06

2021年2月26日,路孚特(Refinitiv)旗下的國際金融時評International Finance Review IFR公布IFR ASIA Awards 2020,水發興業能源(00750.HK)債務重組項目獲最佳重組交易(Turnaround Deal)大獎。

 

眾所周知,興業太陽能在2018年10月遭受到意外打擊。當時由于光伏發電政府補貼的削減,在短短幾個月內,銀行取消了信貸額度,公司也因此拖欠了在岸和離岸債券的償付。有家香港的金融機構甚至在危機時刻發出了清盤呈請。  水發興業能源于2019年底通過引入了國有投資者水發集團進行快速重組,平衡了債權人的利益,并以公平的方式脫穎而出,贏得了離岸債券持有人的壓倒性支持。  水發集團的投資和重組非常成功。興業太陽能更名為水發興業能源之后,通過公開市場回購和要約收購債券,重新獲得市場信心。隨著母公司水發集團在資源上和業務上的大力支持,公司現金流狀況大為改善,在這一輪清潔能源大潮中牢牢把握市場機遇,業務蒸蒸日上。隨著重獲市場和投資者信心,公司的股價也得以逐步回歸。

關于路孚特(Refinitiv)


 前身為湯森路透金融與風險事業部,隸屬全球金融市場數據和基建重要角色。新公司由黑石集團為主要大股東,持有55%股權,而湯森路透則持有45%股權。2017年路孚特公司總營業額達至61億美元,在190個國家則超過40000人雇員。

關于水發興業能源(00750.HK)



中國水發興業能源集團有限公司(00750.HK)創建于1995年,原名中國興業太陽能技術控股有限公司,2009年在香港聯交所主板上市。2019年11月,公司獲山東省屬國有企業水發集團有限公司增資控股66.92%股份,成為水發集團布局粵港澳大灣區的一級權屬公司,“蝶變”為國資控股的港股上市公司。

 

歷經二十多年的穩健發展和持續創新,公司逐步發展為專注清潔能源、綠色建筑、新型材料三大產業的高新技術企業集團,資產規模達120億元人民幣,成為行業重要參與者、貢獻者、引領者。

 

Turnaround Deal: China Shuifa Singyes Energy Holdings’ debt restructuring

 

Brighter future

The speedy restructuring of a Chinese solar power company at the end of 2019 balanced creditors’ interests with the introduction of a state-owned investor and stood out for a fair approach that won overwhelming support from offshore bondholders.

 

China Singyes Solar Technologies Holdings, as it was then known, took a surprise hit in May 2018 when the Chinese government cut subsidies for solar power generation. Within months, banks pulled their credit lines and the company, which makes solar panels for buildings and power projects, defaulted on onshore and offshore bonds. One overseas financial institution filed a winding-up petition in Hong Kong, where the company is listed.

 

Singyes tried to raise funds by selling convertible bonds and new shares, but the plan failed and in October 2018 it failed to redeem US$155.26m of 6.75% senior notes, causing cross-defaults on its US$260m 7.95% senior notes due 2019 and Rmb96bn (US$15m) 5% convertible bonds due 2019.

 

The company appointed Admiralty Harbour as financial adviser and held talks with possible white knights – from private equity firms to energy companies and even high-net-worth investors. In the end, the best fit was with Shuifa Energy Group, a state-owned company that had partnered with Singyes on projects in the past.

 

The proposed investor wanted to ensure a debt resolution that would not water down the equity, while creditors were encouraged by Shuifa’s introduction but wanted to make sure it was signed before they agreed to amend terms of the debt. The two transactions were run in parallel and each was conditional on the other.

 

The offshore bonds were widely distributed, but a number of large holders came together to form an ad hoc committee, advised by Moelis. There was overwhelming support from holders of 98.4% of the offshore bonds for a restructuring support agreement.

 

The winding-up petition was also withdrawn after Singyes was able to reach a satisfactory resolution with the creditor.

 

Bondholders avoided a haircut on the principal, as the old notes were exchanged for US$415m in principal amount of new three-year bonds paying a cash coupon of 2% plus payment-in-kind interest of 4%.

 

Creditors also received a share of US$41.4m in cash, and those who signed the RSA received a share of an additional US$8.6m.

 

Water Development (HK) Holding, a subsidiary of Shuifa Group, agreed to subscribe to HK$1.6bn (US$206m) of shares in Singyes, giving it a 66.92% stake. Since this was the first time a white knight had helped a Chinese issuer’s US dollar bond restructuring, internal approvals were needed at multiple levels.

 

The success of the restructuring and Shuifa’s investment was obvious when in 2020 the renamed China Shuifa Singyes Energy Holdings was confident enough to take advantage of the market dip to repurchase some of the bonds in the open market, and later in a tender offer.

 

最佳重組交易:中國水發興業能源集團有限公司債務重組

 

通過引入國有背景的投資人,中國的一家太陽能企業在2019年底快速完成了債務重組,平衡了債權人之間的利益,并且站在公允的立場贏得了境外債券持有人的一致支持。


正如市場所知,中國興業太陽能技術控股有限公司(曾用名)在2018年5月因政府對太陽能企業的補貼退坡政策而遭受意外打擊。在幾個月內,銀行降低了公司的授信額度,導致公司的境內外債務均出現了違約。一家境外的金融機構在公司的上市地(香港)對公司提出了清盤申請。


興業曾嘗試通過發行可轉換債券和新股來籌集資金,但并未成功。2018年10月,公司未能贖回1.55億美元6.75%的優先票據,從而引起了其2019年到期的2.6億美元7.95%優先票據和9,600萬元人民幣(1,500萬美元)5%可轉換債券出現交叉違約。


公司委任鐘港資本為財務顧問協助其與包括私募股權基金、能源類公司、以及高凈值投資者在內的多家潛在白武士進行溝通。最后公司選擇了與其有過項目合作的國有企業——水發集團有限公司。 


擬定投資者希望確保債務重組方案不會稀釋股權。債權人因水發集團的進入受到鼓舞,但希望水發集團能夠在修改債務條款之前簽署對興業的投資條款,同時股權入股和債務重組兩個交易并行開展,互為條件。 


雖然境外債券的持有人十分分散,但是一些持有量較高的持有人組成了債委會,并委任美馳擔任財務顧問。 最終,98.4%的境外債券持有人對重組支持協議給予了壓倒性的支持。


清盤申請也在興業與債權人達成了滿意的和解方案之后被撤回。


債券持有人避免了被削債,舊債券也被交換為年期3年,帶有2%的現金利息和4%的實物利息的4.15億美元新債券。


債券持有人獲得了4,140萬美元的現金償還對價。此外,簽署了重組支持協議的持有人還獲得額外的860萬美元現金。


水發集團的子公司水發集團(香港)控股有限公司同意以16億港幣(2.06億美元)的價格認購66.92%的興業股權。由于這是首次白武士協助中資發行人進行的美元債券重組,因此需要多個層級的內部審批。


2020年,更名后的中國水發興業能源集團有限公司利用有利的二級市場價格在公開市場上回購債券,隨后再以要約收購的方式進行公開要約。至此,債務重組和水發集團有限公司的投資取得了圓滿成功。 

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