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2021年2月26日，路孚特（Refinitiv）旗下的國際金融時(shí)評International Finance Review IFR公布IFR ASIA Awards 2020,水發(fā)興業(yè)能源（00750.HK）債務(wù)重組項(xiàng)目獲最佳重組交易（Turnaround Deal）大獎(jiǎng)。

眾所周知，興業(yè)太陽能在2018年10月遭受到意外打擊。當(dāng)時(shí)由于光伏發(fā)電政府補(bǔ)貼的削減，在短短幾個(gè)月內(nèi)，銀行取消了信貸額度，公司也因此拖欠了在岸和離岸債券的償付。有家香港的金融機(jī)構(gòu)甚至在危機(jī)時(shí)刻發(fā)出了清盤呈請?！　∷l(fā)興業(yè)能源于2019年底通過引入了國有投資者水發(fā)集團(tuán)進(jìn)行快速重組，平衡了債權(quán)人的利益，并以公平的方式脫穎而出，贏得了離岸債券持有人的壓倒性支持。　　水發(fā)集團(tuán)的投資和重組非常成功。興業(yè)太陽能更名為水發(fā)興業(yè)能源之后，通過公開市場回購和要約收購債券，重新獲得市場信心。隨著母公司水發(fā)集團(tuán)在資源上和業(yè)務(wù)上的大力支持，公司現(xiàn)金流狀況大為改善，在這一輪清潔能源大潮中牢牢把握市場機(jī)遇，業(yè)務(wù)蒸蒸日上。隨著重獲市場和投資者信心，公司的股價(jià)也得以逐步回歸。

關(guān)于路孚特（Refinitiv）

 前身為湯森路透金融與風(fēng)險(xiǎn)事業(yè)部，隸屬全球金融市場數(shù)據(jù)和基建重要角色。新公司由黑石集團(tuán)為主要大股東，持有55%股權(quán)，而湯森路透則持有45%股權(quán)。2017年路孚特公司總營業(yè)額達(dá)至61億美元，在190個(gè)國家則超過40000人雇員。

關(guān)于水發(fā)興業(yè)能源（00750.HK）

中國水發(fā)興業(yè)能源集團(tuán)有限公司（00750.HK）創(chuàng)建于1995年，原名中國興業(yè)太陽能技術(shù)控股有限公司，2009年在香港聯(lián)交所主板上市。2019年11月，公司獲山東省屬國有企業(yè)水發(fā)集團(tuán)有限公司增資控股66.92%股份，成為水發(fā)集團(tuán)布局粵港澳大灣區(qū)的一級權(quán)屬公司，“蝶變”為國資控股的港股上市公司。

歷經(jīng)二十多年的穩(wěn)健發(fā)展和持續(xù)創(chuàng)新，公司逐步發(fā)展為專注清潔能源、綠色建筑、新型材料三大產(chǎn)業(yè)的高新技術(shù)企業(yè)集團(tuán)，資產(chǎn)規(guī)模達(dá)120億元人民幣，成為行業(yè)重要參與者、貢獻(xiàn)者、引領(lǐng)者。

Turnaround Deal: China Shuifa Singyes Energy Holdings’ debt restructuring

Brighter future

The speedy restructuring of a Chinese solar power company at the end of 2019 balanced creditors’ interests with the introduction of a state-owned investor and stood out for a fair approach that won overwhelming support from offshore bondholders.

China Singyes Solar Technologies Holdings, as it was then known, took a surprise hit in May 2018 when the Chinese government cut subsidies for solar power generation. Within months, banks pulled their credit lines and the company, which makes solar panels for buildings and power projects, defaulted on onshore and offshore bonds. One overseas financial institution filed a winding-up petition in Hong Kong, where the company is listed.

Singyes tried to raise funds by selling convertible bonds and new shares, but the plan failed and in October 2018 it failed to redeem US$155.26m of 6.75% senior notes, causing cross-defaults on its US$260m 7.95% senior notes due 2019 and Rmb96bn (US$15m) 5% convertible bonds due 2019.

The company appointed Admiralty Harbour as financial adviser and held talks with possible white knights – from private equity firms to energy companies and even high-net-worth investors. In the end, the best fit was with Shuifa Energy Group, a state-owned company that had partnered with Singyes on projects in the past.

The proposed investor wanted to ensure a debt resolution that would not water down the equity, while creditors were encouraged by Shuifa’s introduction but wanted to make sure it was signed before they agreed to amend terms of the debt. The two transactions were run in parallel and each was conditional on the other.

The offshore bonds were widely distributed, but a number of large holders came together to form an ad hoc committee, advised by Moelis. There was overwhelming support from holders of 98.4% of the offshore bonds for a restructuring support agreement.

The winding-up petition was also withdrawn after Singyes was able to reach a satisfactory resolution with the creditor.

Bondholders avoided a haircut on the principal, as the old notes were exchanged for US$415m in principal amount of new three-year bonds paying a cash coupon of 2% plus payment-in-kind interest of 4%.

Creditors also received a share of US$41.4m in cash, and those who signed the RSA received a share of an additional US$8.6m.

Water Development (HK) Holding, a subsidiary of Shuifa Group, agreed to subscribe to HK$1.6bn (US$206m) of shares in Singyes, giving it a 66.92% stake. Since this was the first time a white knight had helped a Chinese issuer’s US dollar bond restructuring, internal approvals were needed at multiple levels.

The success of the restructuring and Shuifa’s investment was obvious when in 2020 the renamed China Shuifa Singyes Energy Holdings was confident enough to take advantage of the market dip to repurchase some of the bonds in the open market, and later in a tender offer.

最佳重組交易：中國水發(fā)興業(yè)能源集團(tuán)有限公司債務(wù)重組

通過引入國有背景的投資人，中國的一家太陽能企業(yè)在2019年底快速完成了債務(wù)重組，平衡了債權(quán)人之間的利益，并且站在公允的立場贏得了境外債券持有人的一致支持。

正如市場所知，中國興業(yè)太陽能技術(shù)控股有限公司（曾用名）在2018年5月因政府對太陽能企業(yè)的補(bǔ)貼退坡政策而遭受意外打擊。在幾個(gè)月內(nèi)，銀行降低了公司的授信額度，導(dǎo)致公司的境內(nèi)外債務(wù)均出現(xiàn)了違約。一家境外的金融機(jī)構(gòu)在公司的上市地(香港）對公司提出了清盤申請。

興業(yè)曾嘗試通過發(fā)行可轉(zhuǎn)換債券和新股來籌集資金，但并未成功。2018年10月，公司未能贖回1.55億美元6.75％的優(yōu)先票據(jù)，從而引起了其2019年到期的2.6億美元7.95％優(yōu)先票據(jù)和9,600萬元人民幣（1,500萬美元）5％可轉(zhuǎn)換債券出現(xiàn)交叉違約。

公司委任鐘港資本為財(cái)務(wù)顧問協(xié)助其與包括私募股權(quán)基金、能源類公司、以及高凈值投資者在內(nèi)的多家潛在白武士進(jìn)行溝通。最后公司選擇了與其有過項(xiàng)目合作的國有企業(yè)——水發(fā)集團(tuán)有限公司。 

擬定投資者希望確保債務(wù)重組方案不會(huì)稀釋股權(quán)。債權(quán)人因水發(fā)集團(tuán)的進(jìn)入受到鼓舞，但希望水發(fā)集團(tuán)能夠在修改債務(wù)條款之前簽署對興業(yè)的投資條款，同時(shí)股權(quán)入股和債務(wù)重組兩個(gè)交易并行開展，互為條件。 

雖然境外債券的持有人十分分散，但是一些持有量較高的持有人組成了債委會(huì)，并委任美馳擔(dān)任財(cái)務(wù)顧問。 最終，98.4％的境外債券持有人對重組支持協(xié)議給予了壓倒性的支持。

清盤申請也在興業(yè)與債權(quán)人達(dá)成了滿意的和解方案之后被撤回。

債券持有人避免了被削債，舊債券也被交換為年期3年，帶有2％的現(xiàn)金利息和4％的實(shí)物利息的4.15億美元新債券。

債券持有人獲得了4,140萬美元的現(xiàn)金償還對價(jià)。此外，簽署了重組支持協(xié)議的持有人還獲得額外的860萬美元現(xiàn)金。

水發(fā)集團(tuán)的子公司水發(fā)集團(tuán)（香港）控股有限公司同意以16億港幣（2.06億美元）的價(jià)格認(rèn)購66.92%的興業(yè)股權(quán)。由于這是首次白武士協(xié)助中資發(fā)行人進(jìn)行的美元債券重組，因此需要多個(gè)層級的內(nèi)部審批。

2020年，更名后的中國水發(fā)興業(yè)能源集團(tuán)有限公司利用有利的二級市場價(jià)格在公開市場上回購債券，隨后再以要約收購的方式進(jìn)行公開要約。至此，債務(wù)重組和水發(fā)集團(tuán)有限公司的投資取得了圓滿成功。