CHEVALIER INTERNATIONAL HOLDINGS LIMITED
BNP Paribas Hong Kong Branch and The Development Bank of Singapore Ltd (the "Co-ordinating Arrangers") are pleased to announce the signing of a 5-year syndicated facility for Chevalier (HK) Ltd., today. Due to overwhelming response from the bank market, the Facility was over-subscribed and total facility amount was increased from HK$300 million to HK$350 million. Bank of China (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, International Bank of Asia Limited, UFJ Bank Limited, Hong Kong Branch, The Bank of East Asia, Limited have joined as Arrangers and Jian Sing Bank Limited has joined as Co-Arranger in the Facility.
The Facility has a tenor of 5 years. It is arranged as a revolving credit to be converted into an amortizing term loan at the end of availability period. The interest rate is 0.72% p.a. plus HIBOR.
The Borrower is a major wholly-owned operating subsidiary of Chevalier. Principal activities of Chevalier Group include lifts & escalators, aluminium engineering, building services such as air- conditioning systems, building construction and supplies, environmental engineering, property investment and insurance services, etc. Apart from the Borrower, major operating companies within Chevalier Group include three publicly-listed companies in Hong Kong.
This Facility will strengthen the general working capital of Chevalier Group, and will be used for the Group's diversified business development. Recently Chevalier has actively expanded its "no- dig" pipe rehabilitation operation in Hong Kong and Mainland China. The Group also acquired a cold storage warehouse in Kwai Chung this February as a first move to enter the logistics service sector.
The signing ceremony was hosted in Hong Kong on June 17, 2002 by Dr.Chow Yei Ching, Chairman of Chevalier. Senior executives from Chevalier, the Co-ordinating Arrangers and the other 6 banks attended the signing ceremony.
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