Broadband Firm HKBN Eyes About $800 Million Loan for Refinancing

Bloomberg11-05

(Bloomberg) -- Hong Kong broadband service provider HKBN Ltd. is seeking an about HK$6.25 billion ($800 million) loan for refinancing purposes, according to people familiar with the situation.About ...

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The financing hasn’t been finalized and could change as negotiations continue, the people said.HKBN will use the proceeds to refinance a HK$5.5 billion syndicated loan maturing next year, and to repay part of a bank facility due in July 2026, the people said. A representative for HKBN didn’t immediately respond to a request seeking comment.The financing comes amid a financial turnaround for HKBN. The company had registered a net income of HK$10.2 million for the year ended August 2024, according to a recent annual report, after it had reported a loss of HK$1.3 billion in 2023. Over the past year, HKBN attracted buyout interest from various parties as its shareholders, which include private equity firms MBK Partners and TPG Inc., were looking to reduce their holdings in the company. However, a deal wasn’t reached, partly due to disagreements over the company’s valuation.In the latest borrowing, HKBN proposed a financial covenant related to its net leverage ratio, which enables the firm to distribute dividends to its shareholders if certain requirements are met, according to the people. If the difference between the company’s actual NLR and the proposed ratio — which is set at no more than 5.5 times this year — is less than 0.2 times, HKBN will not be allowed to distribute dividends of over HK$0.15 per share, said one of the people. HKBN had sent a request for proposals to some banks in Hong Kong to refinance the syndicated loan due November 2025, Bloomberg News reported in September.©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481529650"}