Allen & Overy has advised Dutch development bank Nederlanse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), as part of a consortium comprising Hong Kong, Taiwanese and Korean banks, on a $90m loan facility (subject to the exercise of a greenshoe option) to China Singyes Solar Technologies Holdings.
This is the first syndicated loan Singyes has raised since its listing in Hong Kong and the second financing made by FMO in the China solar energy sector.
The $90m loan is structured as A/B term-loan facilities, which comprise of a $25m tranche provided by FMO with a maturity term of five years; and a second tranche of $65m, with a maturity term of three years, which will be participated in by a consortium of Hong Kong, Taiwanese and Korean banks.
FMO and the Royal Bank of Scotland plc (RBS) are the joint mandated lead arranges and bookrunners on this A/B loan transaction. The loan will be primarily used for developing Singyes’ projects in the China solar energy sector as well as capital expenditure and general working capital of the Group.
The Allen & Overy team was led by partner Roger Lui, with support from associates Pearl Gn and Yi Ying Lim.