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Coffeeshop Chit Chat - Tuas Power's Chinese Buyer In Deep Shit!</TD><TD id=msgunetc noWrap align=right>
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China Huaneng Said to Seek S$2.25 Billion Tuas Refinance Loan
By Katrina Nicholas
May 12 (Bloomberg) -- China Huaneng Group, the nation’s biggest power producer, is in talks with 10 banks to refinance a S$2.25 billion ($1.54 billion) loan it obtained from six lenders last year, a person familiar with the matter said.
The Beijing-based utility added Natixis SA, Societe Generale SA, ING Groep NV and NAB Capital, a Hong Kong-based unit of National Australia Bank Ltd., to a group of six banks that helped it borrow in March 2008, said the person, who declined to be identified because details are private.
China Huaneng’s bridge loan, which was used to fund its S$4.24 billion purchase of Tuas Power Ltd. from Singapore’s Temasek Holdings Pte., matures in August, the person said. Calls to China Huaneng Vice President Huang Long seeking comment weren’t immediately returned.
Borrowing costs soared last year after the September collapse of Lehman Brothers Holdings Inc. shuttered credit markets and banks hoarded cash to cope with more than $1.4 trillion of losses and writedowns. This year costs have declined amid pledges from the Federal Reserve and U.S. government to spend $12.8 trillion to bail out the banks and spur lending, the benchmark Libor-OIS spread shows.
China Huaneng increased generating capacity by 20 percent last year after adding Singapore-based Tuas Power’s assets, it said in January. Chinese electricity producers are expanding overseas as state-controlled prices prevent domestic generators from passing on higher coal costs.
Bankers working on the refinancing loan are using GDF Suez SA, the world’s second-biggest utility by market value, as a pricing benchmark, the person said today.
Paris-based GDF this month completed financing for its al- Dur water and power project in Bahrain, which included a $1.2 billion loan, the person said. GDF paid as much as 365 basis points over the London interbank offered rate, the person said.
BNP Paribas SA, Calyon, DBS Group Holdings Ltd., Oversea- Chinese Banking Corp., Sumitomo Mitsui Financial Group Inc. and Fortis provided China Huaneng’s 2008 loan. Nomura Holdings Inc. is advising the borrower on its refinancing.
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China Huaneng Said to Seek S$2.25 Billion Tuas Refinance Loan
By Katrina Nicholas
May 12 (Bloomberg) -- China Huaneng Group, the nation’s biggest power producer, is in talks with 10 banks to refinance a S$2.25 billion ($1.54 billion) loan it obtained from six lenders last year, a person familiar with the matter said.
The Beijing-based utility added Natixis SA, Societe Generale SA, ING Groep NV and NAB Capital, a Hong Kong-based unit of National Australia Bank Ltd., to a group of six banks that helped it borrow in March 2008, said the person, who declined to be identified because details are private.
China Huaneng’s bridge loan, which was used to fund its S$4.24 billion purchase of Tuas Power Ltd. from Singapore’s Temasek Holdings Pte., matures in August, the person said. Calls to China Huaneng Vice President Huang Long seeking comment weren’t immediately returned.
Borrowing costs soared last year after the September collapse of Lehman Brothers Holdings Inc. shuttered credit markets and banks hoarded cash to cope with more than $1.4 trillion of losses and writedowns. This year costs have declined amid pledges from the Federal Reserve and U.S. government to spend $12.8 trillion to bail out the banks and spur lending, the benchmark Libor-OIS spread shows.
China Huaneng increased generating capacity by 20 percent last year after adding Singapore-based Tuas Power’s assets, it said in January. Chinese electricity producers are expanding overseas as state-controlled prices prevent domestic generators from passing on higher coal costs.
Bankers working on the refinancing loan are using GDF Suez SA, the world’s second-biggest utility by market value, as a pricing benchmark, the person said today.
Paris-based GDF this month completed financing for its al- Dur water and power project in Bahrain, which included a $1.2 billion loan, the person said. GDF paid as much as 365 basis points over the London interbank offered rate, the person said.
BNP Paribas SA, Calyon, DBS Group Holdings Ltd., Oversea- Chinese Banking Corp., Sumitomo Mitsui Financial Group Inc. and Fortis provided China Huaneng’s 2008 loan. Nomura Holdings Inc. is advising the borrower on its refinancing.
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