Hogan Lovells closes US$2.45 billion term and revolving facilities for Tencent

HONG KONG, 6 January 2016 – Hogan Lovells has advised the syndicate of lenders on US$2.45 billion five-year term and revolving facilities to Tencent in its major syndicated loan, which involved 19 lenders.

The syndicate of lenders we advised as senior mandated lead arrangers, bookrunners and underwriters includes Australia and New Zealand Banking Group Limited, Bank of China (Hong Kong) Limited, China Merchants Bank, Off-Shore Banking Center, Citibank N.A., Hong Kong Branch, Citigroup Global Markets Asia Limited, The Hongkong and Shanghai Banking Corporation Limited and Mizuho Bank Limited. The firm also advised Citicorp International Limited as facility agent. Three other banks joined as senior mandated lead arrangers and ten more banks joined as mandated lead arrangers.

The facility was split into a US$1.225 billion term loan and a US$1.225 billion revolver, offering an all-in pricing of 125 basis points based on a margin of 110 basis points over LIBOR and a 20 basis points commitment fee.

Founded in 1998, Tencent is a leading provider of Internet value added services in China and is rated A2/A/A+ (Moody's/S&P/Fitch).

Our team was led by Hong Kong Banking partner Owen Chan and supported by counsel Salam Bassili.

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