5年前海航为筹措海外并购资金曾不惜高息举债_OK阅读网
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5年前海航为筹措海外并购资金曾不惜高息举债
HNA planned 2012 bond deal shows tolerance for expensive debt

来源:FT中文网    2017-11-28 15:01



        Long before China’s sprawling HNA Group secured its funding from big western banks, the conglomerate had to tap much smaller investors to finance its early empire building.        在庞大的海航集团(HNA Group,以下简称:海航)从西方大型银行获取融资的很久之前,这家中国企业集团曾不得不利用规模小得多的投资者来为其建立帝国的早期活动提供融资。
        In documents — seen by the Financial Times — from a little-known bond deal the company tried to sell in 2012, HNA appears to have had a high tolerance for expensive debt and complex acquisition structures.        海航2012年曾试图销售一笔鲜为人知的债券,英国《金融时报》看到的关于这笔交易的文件显示,海航当时看上去对成本高昂的债务和复杂的收购结构容忍度很高。
        The details of the bond deal come at a time when the Chinese group is facing a crackdown from regulators in Beijing and has been investigated in Europe over its purchase of a stake in Deutsche Bank. The Swiss takeover watchdog said late on Friday that HNA had provided “untrue or incomplete” information regarding its ownership when it acquired Gategroup, the Swiss air services company.        这笔债券的交易细节流出之际,正值海航在国内面临监管部门打压、同时在欧洲因收购德意志银行(Deutsche Bank)股权的交易而接受调查之际。上周五晚间,瑞士并购监管部门表示,海航收购瑞士航空服务公司佳美集团(Gategroup)时就自己的所有权情况提供了“不真实或不完整的”信息。
        Back in 2012, HNA aimed to sell a $420m structured bond out of a Luxembourg special purpose vehicle called Iris, according to people familiar with the deal, which would fund HNA’s foreign acquisitions months before Chinese regulators approved them.        据了解该交易的知情人士表示,2012年,海航计划通过卢森堡一家名为Iris的特殊目的载体(SPV)出售一笔总值4.2亿美元的结构性债券,这将使海航在中国监管部门批准其海外收购的数月前就拥有了收购所需的资金。
        HNA was willing to pay annual interest of up to 13 per cent on the proposed three-year bond, demonstrating the lengths the growing group was willing to go to, as it sought to kick-start its dealmaking in Europe.        当时,海航愿意为这笔三年期债券支付高达13%的年息,这表现出这家增长中的集团在寻求启动其在欧洲的交易时有多么不惜代价。
        In 2012, HNA was still little known outside China. While the privately held group has since drawn scrutiny from European regulators for its acquisition spree — most recently highlighted by the Swiss Takeover Board’s concerns about the SFr1.4bn Gategroup deal in 2016 — it had yet to make significant inroads into Europe prior to 2012, having only invested in a Norwegian shipping group and two Turkish aviation companies.        2012年,海航在海外仍然名不见经传。尽管这家非上市公司此后因大举收购引发了欧洲监管部门的密切关注——最近瑞士并购委员会(Swiss Takeover Board)对2016年海航以14亿瑞士法郎收购佳美的交易的关切突显了这一点——但在2012年之前,海航尚未大举进军欧洲,只投资了一家挪威航运集团和两家土耳其从事航空业务的公司。
        But despite the double-digit yields on offer, the group failed to find enough willing investors for the bond sale, after would-be buyers balked at the risks of investing in a shell company that would in effect circumvent Chinese regulators’ lengthy approval process.        尽管海航愿意提供两位数的利率,但它还是没能找到足够多愿意购买债券的投资者:面对投资一家壳公司(这么做实际上会绕过中国监管部门旷日持久的审批流程)的风险,一些准买家退缩了。
        HNA declined to comment on the bond deal.        海航拒绝就这笔债券交易置评。
        The architects of the deal were Bravia Capital, run by a trusted HNA adviser, the Indian-American dealmaker Bharat Bhise, and investment group Sapinda, headed by Lars Windhorst, a German financier then rebounding from a high-profile bankruptcy and suspended jail sentence.        这笔债券交易的设计方是Bravia Capital和投资集团Sapinda。前者的老板是受到海航信赖的顾问、印度裔美国交易撮合者巴拉特•拜斯(Bharat Bhise),而后者由当时刚从举世哗然的破产和缓刑打击中恢复过来的德国金融家拉尔斯•温德霍斯特(Lars Windhorst)执掌。
        Mr Bhise’s relationship with the Chinese group has been in the spotlight this year, after it emerged that he had long held a 29 per cent stake in HNA Group that he then transferred to a mysterious Chinese investor.        今年,当人们得知拜斯曾长期持有海航集团29%的股份、而后又把股份转给了一名神秘的中国投资者后,他与海航的关系一直备受关注。
        And Mr Windhorst’s businesses are again in trouble with their creditors, resulting in lawsuits from various investors, while pressure has this year mounted on another structured bond deal he helped devise for Abu Dhabi airline Etihad.        温德霍斯特的业务如今再次陷入与债权人的麻烦之中,导致多个投资者对其提出诉讼,同时另外一笔他帮助阿布扎比的阿提哈德航空(Etihad)设计的结构性债券交易今年承受了越来越大的压力。
        While the deal never took place, the marketing documents demonstrate the Chinese conglomerate’s willingness to raise heavily structured debt at high interest rates. Concerns have grown about the group’s ability to maintain its vast debt pile amid a crackdown on riskier lending in China, with many analysts flagging that HNA recently had to pay a nearly 9 per cent yield to raise a 363-day bond.        尽管海航当初那笔债券交易未能实现,但市场文件显示海航当时愿意通过高利率、高度结构化的债券筹集资金。在中国打击高风险借贷的情况下,人们对该集团维持庞大债务水平的能力日益担忧,很多分析师都提醒人们注意这件事:海航最近发行一支363天期的债券融资时,不得不提供将近9%的利率。
        An investor presentation for the Iris transaction directly addressed any potential concerns over the high cost of debt HNA was willing to bear.        关于Iris交易的一份面向投资者的推介文件,直接回应了人们对于海航愿意为举债承担高昂成本的潜在关切。
        “The Iris SPV structure is being used simply to ease the progress of offshore acquisitions, HNA doesn’t need to pay this much for financing otherwise,” the presentation said.        该文件表示,“设置特殊目的载体Iris只是为了简化海外收购流程,否则海航不需要为融资支付这么高的成本。”
        The pitch also emphasised HNA’s links to the Chinese government.        该文件还强调了海航与中国政府的联系。
        “HNA Group is essentially part of an interconnected web of Chinese investment groups, both public and private,” the presentation said. “To outsiders this seems opaque and confusing, but investors should take comfort from close government relationships at many levels both above and within the HNA umbrella.”        “海航集团本质上是相互关联的中国投资集团(既包括公共部门的又包括私营部门的)网络的一部分,”该文件表示,“对于局外人而言,这似乎不透明又令人困惑,但投资者应该可以放心——在海航系统内以及海航之上的多个层面上都存在与政府的紧密关系。”
        The deal would have seen the Iris SPV in effect provide bridge financing to buy companies while HNA waited for Chinese foreign acquisition and currency outflow approval, which it said typically took six months. The SPV would purchase assets while entering into a resale agreement with HNA, which it said the Chinese conglomerate would honour even in the “extremely unlikely event” of regulators not approving an acquisition.        如果海航当初那笔交易实现的话,Iris实际上会为海航收购企业提供过桥融资,帮助海航度过等待中国监管部门批准其海外收购交易和外汇流出的那段时间(海航称通常需要6个月)。Iris将收购资产,同时与海航签订转售协议——Iris称,即使是在监管部门不批准海航收购计划这种“极不可能”的情况下,海航也会履约。
        The complexity of the arrangement is particularly notable given that Chinese regulators have more closely scrutinised outbound M&A this year, recently announcing they would tighten regulation around complex offshore deal structures.        考虑到今年中国监管部门更加严格地审查海外并购交易——最近宣布将收紧对复杂海外交易结构的监管——这种安排的复杂性格外引人注目。
        Mr Bhise’s Bravia Capital would have been the SPV’s manager that selected acquisition targets according to a set criteria, including that no single asset could be larger than $250m. The presentation said that Bravia had completed $6.4bn in investments and acquisitions for HNA in the previous two years, investing $85m of its own money alongside HNA.        拜斯的Bravia Capital本来会成为Iris的管理者,根据一套确定好的标准(其中包括单项资产价值不得超过2.5亿美元)来选择收购目标。该文件表示,Bravia在之前两年里为海航完成了总值64亿美元的投资和收购,还拿出了8500万美元自有资金跟投。
        The ultimate stumbling block for the proposed bond sale, according to people familiar with the deal, was that HNA provided no direct guarantee to the debt. This is because it is difficult for Chinese entities to guarantee offshore bond issues. Instead, the HNA Group guaranteed the purchase agreement with the Iris SPV, although this was not enough for investors.        据了解该交易的知情人士表示,这份债券出售计划最终的绊脚石是海航没有为这笔债务提供直接担保。这是因为中国境内实体很难为境外债券担保。海航倒是担保会履行与Iris签订的购买协议,不过这不足以说服投资者。
        “Everyone wanted to know how the hell they would get their money back if something went wrong,” said one person familiar with the deal.        知情人士称:“所有人都想知道,如果出问题了,他们到底怎么才能拿回自己的钱。”
        Additional reporting by Lucy Hornby and Cynthia O’Murchu        韩碧如(Lucy Hornby)、辛西娅•奥默楚(Cynthia O’Murchu)补充报道
                
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