Energy Conversion and Financial Overview
Refinancing Plan
As of 30 Jun 2014
(RMB billion)
Total Debt
Refinancing Plan
12.04
Short-term loans:
Subsidiary level
loans
0.69
Long-term loans
2.94
10-year bonds
4.54
Convertible bonds
3.87
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ENN 新奥
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We have RMB7.11 billion cash on hand while our working capital demands RMB3-4 billion cash
only, leading to a surplus cash of RMB3.11 billion, which is enough to refinance the short-term
loans
It is easy for utility company to roll-over short term loans in PRC banks because of stable cash
flow and business model
5-year medium term notes which will be expired in 2017 at 5.55% per annum
7-year corporate bond which will be expired in 2018, at 6.45% per annum
15-year loan from China National Development Bank which will be expired in 2020, at PBOC
rate
7-year long term loans from IFC which will be expired in 2020 at LIBOR + 2.75% per annum
Will be expired in 2021, with a fixed coupon of 6.0%
1 of the few Chinese private enterprises assigned with an investment grade credit rating on
corporate and bonds:
- S&P 'BBB' (upgraded from 'BBB-' in July 2014), Moody's 'Baa3' and Fitch 'BBB'
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Will be expired in 2018, zero coupon
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Bondholders can convert their bonds into new shares anytime until 16 Feb 2018 at the
conversion price of HK$48.62/share
Assuming full conversion, approximately 80 million shares will be issued, representing around
6.9% of the enlarged issued share capital
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