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VICTORY CITY INTERNATIONAL HOLDINGS LIMITED
Signs HK$288 million Term Loan Facility Agreement
Consolidates Financial Strength for Expansion and Development
The banks' response to the Facility was overwhelming which was oversubscribed at the general syndication stage. With the encouraging response, the total Facility was increased from HK$200 million to HK$288 million. The 3.5-year Facility carries an interest rate of HIBOR +0.7% per annum.
The Hongkong and Shanghai Banking Corporation is the Coordinating Arranger for the Facility. Lead Arrangers include China Construction Bank, Hong Kong Branch, Fortis Bank, Guangzhou Branch, Hang Seng Bank Limited, UFJ Bank Limited, Hong Kong Branch and United Overseas Bank Limited, whilst Industrial and Commercial International Capital Limited, Banca di Roma S.p.A., Hong Kong Branch and HSH Nordbank AG, Hong Kong Branch act as Lead Managers.
"The success of this syndication reflects the positive view of the banking community on Victory City and its confidence in the future direction and development of our Group. We are very encouraged by the active participation of leading banks in the syndication. This fully confirms their confidence in the business strategy and growth potential of Victory City," said Mr Chen Tien-tui, Managing Director of Victory City.
The proceeds of the Facility will be used for general corporate funding requirements of Victory City and its subsidiaries, including capital expenditure on a new yarn-dyeing facility in Xinhui, the People's Republic of China, and the refinancing of existing debt.
About Victory City Issued by : Through :
Hong Kong, June 18, 2003 - Hong Kong's leading knitted fabrics manufacturer, dyeing and finishing services provider, Victory City International Holdings Limited (SEHK: 539) ("Victory City") today signed a syndicated term loan facility agreement for HK$288 million (the "Facility") at a ceremony with a consortium comprising 15 international and local banks.
Victory City International Holdings Limited (SEHK: 539) is one of Hong Kong's major manufacturers of knitted fabrics with production facilities in Xinhui City, Guangdong Province covering an area of over 7 million square feet. The Group's principal business operations are in the areas of fabric knitting, dyeing and finishing services, sales of finished knitted fabric and trading of garment products.
Victory City International Holdings Limited
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