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先正达收购案背后,有中国特色的融资方式

更新时间:2017-5-28 10:51:19 来源:纽约时报中文网 作者:佚名

To Pay for Syngenta, ChemChina Looks to Beijing for Help
先正达收购案背后,有中国特色的融资方式

ChemChina has created a new strain of buyout funding. The Chinese giant is refinancing some debt backing its $44 billion purchase of Syngenta, the Swiss agribusiness company. The result looks like acquisition financing crossbred with government policy.

中国化工集团公司(ChemChina)创建了一种新型的收购基金。中国的这个巨头企业正在对一些债务进行再融资,为其440亿美元收购瑞士农业企业先正达(Syngenta)的交易提供支持。其结果看起来就像是政府政策和收购融资的杂交品。

The deal, China’s largest foreign takeover ever, is nearing completion after more than 15 stressful months during which its success often looked in doubt. While ChemChina quickly amassed huge bridge loans so it could pay Syngenta stockholders, it was less obvious what the longer-term funding structure would look like. The deal-hungry buyer already had a stretched balance sheet, limiting its own ability to contribute equity.

该交易是中国迄今最大的外企收购案,现在即将完成,但之前15个月充满压力,交易是否能成功经常备受怀疑。尽管中国化工迅速积累了巨额的过渡贷款,可以支付给先正达的股东,但它的长期融资结构看起来并不明显。中国化工一心想达成交易,但其资产负债表不太乐观,限制了它拿出资金的能力。

United States regulatory filings now provide a partial answer to that question — and an unconventional answer at that. The buyer is supplying $5 billion of equity, equating to roughly 11 percent of Syngenta’s value. For a conventional Western private equity deal, that would be far too thin a sliver for lenders or regulators — but then, this deal is effectively backed by the People’s Republic of China.

美国的监管文件现在提供了这个问题的部分答案——这是一个非常规的答案。中国化工将提供50亿美元的股权,相当于先正达价值的约11%。从传统的西方私募股权交易来看,对于贷款人或监管机构来说,这是一个寡淡无味的条件——但是,这个交易获得了中华人民共和国的大力支持。

As for the remainder, ChemChina will hold on to about $19.3 billion of existing debt for now, and borrow $2 billion through new notes via Morgan Stanley. The rest will be supplied by the Bank of China, the asset manager China Reform and Industrial Bank, which have bought perpetual bonds worth $10 billion, $7 billion and $1 billion respectively.

至于其余的部分,中国化工将持有大约193亿美元的未清偿债务,并通过摩根士丹利(Morgan Stanley)发行新债券筹得20亿美元。其余由中国银行、资产管理机构中国国新控股和兴业银行提供,分别购买价值100亿美元、70亿美元和10亿美元的永久债券。

Given their indefinite life span, these bonds look rather like equity; it is also not clear how likely they are to pay regular coupons.

鉴于这些债券的寿命是无限期的,它们看起来更像是股份;目前还不清楚它们支付定期息票的可能性有多大。

The cost of all this perpetual debt is not disclosed, but this may well be cheaper than actual equity for the borrower, and lets ChemChina keep control of Syngenta to boot. It is harder to see the appeal for the buyers. These are big exposures, even for large public sector institutions. Over all, it appears that the state, which is reportedly also contemplating a bigger tie-up between ChemChina and rival Sinochem, has prodded three of its wards into supporting a fourth to nail down a strategically important deal. No wonder, since China wants Syngenta’s crop technology very badly. This is corporate finance with Chinese characteristics.

所有这些永久债券的成本都没有披露,但对于借款人来说这可能比实际股权便宜,而且中国化工还可以掌握先正达的控制权。对于其他买家来说,难以看到这么做的吸引力。这些都是巨大的风险敞口,即使对于大型公共部门机构也是这样。据说中国还在考虑让中国化工与其竞争对手中化集团(Sinochem)之间达成更大的联合,总而言之,中国为了搞定这个有战略意义的交易,已经不惜余力。这也难怪,因为中国极为希望获得先正达的作物技术。这是具有中国特色的企业融资方式。

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