先正達(dá)70億美元債券發(fā)售受阻

Syngenta has reached a legal settlement that could help it salvage a failed $7bn bond sale, but analysts and investors warned that the Swiss company must first outline how it will fund the legal liabilities while keeping an investment-grade credit rating.

先正達(dá)(Syngenta)達(dá)成了一項(xiàng)法律和解，可能幫助其挽回此前失敗的70億美元債券發(fā)售，但分析師和投資者們警告，這家瑞士公司首先必須說(shuō)明，它將如何在保持投資級(jí)信用評(píng)級(jí)的前提下為其法律責(zé)任籌資。

Banks postponed the debt sale on Monday after nervous investors shunned a key part of the financing for ChemChina’s $44bn takeover of the seed and pesticide maker. The sale was meant to refinance $6.5bn of bridge loans backing ChemChina’s $44bn acquisition, shifting banks’ exposure to debt investors.

這筆70億美元的債券是為了給中國(guó)化工(ChemChina) 440億美元收購(gòu)這家種子和農(nóng)藥生產(chǎn)商提供資金，此前在緊張不安的投資者回避這筆債券的一個(gè)關(guān)鍵部分后，銀行在周一推遲了這筆債券銷售。此次發(fā)售旨在再融資65億美元的過(guò)渡性貸款，以支持中國(guó)化工440億美元的收購(gòu)交易，將銀行的敞口轉(zhuǎn)移給債務(wù)投資者。

A chief concern for investors was the raft of lawsuits Syngenta was facing over allegations of selling genetically modified corn seeds before they were approved for sale in China. But a day after pulling the deal, Syngenta said it had reached a settlement in a key trial in Minnesota, which — subject to court approval — would establish a settlement fund for eligible claimants.

投資者的首要擔(dān)憂是先正達(dá)所面臨的大量訴訟，它被指未獲批準(zhǔn)就在中國(guó)銷售轉(zhuǎn)基因玉米種子。但在退出該交易一天后，先正達(dá)表示，已在明尼蘇達(dá)州的一宗關(guān)鍵庭審案件中達(dá)成和解，該和解協(xié)議(尚待法庭批準(zhǔn))將為符合條件的索賠人設(shè)立一個(gè)和解基金。

The settlement with US farmers does not include separate claims from grain exporters such as Cargill and Archer Daniels Midland, and a spokesman for Syngenta said the company will “continue to defend itself against these claims”. He declined to comment on the size of the settlement, although reports have suggested it is about $1.5bn.

與美國(guó)農(nóng)民達(dá)成的這項(xiàng)和解，并不包括嘉吉(Cargill)和阿徹丹尼爾斯米德蘭(Archer Daniels Midland)等糧食出口商提出的指控。先正達(dá)一名發(fā)言人表示，該公司將“繼續(xù)針對(duì)這些指控為自己辯護(hù)”。他拒絕透露此次和解的規(guī)模，盡管有報(bào)道提出和解金額在15億美元左右。

Andrew Brady, an analyst at credit research firm CreditSights, said that to revive the bond sale, Syngenta would have to outline a structure for funding the legal settlement that would not rob it of its investment-grade rating from Standard & Poor’s.

信貸研究機(jī)構(gòu)CreditSights的分析師安德魯•布雷迪(Andrew Brady)表示，要重啟債券發(fā)售，先正達(dá)公司將必須拿出一個(gè)方案，說(shuō)明在不會(huì)令其失去標(biāo)準(zhǔn)普爾(Standard & Poor’s)投資級(jí)評(píng)級(jí)的前提下，為該項(xiàng)法律和解籌資。

“Given they just did a roadshow to talk about how important the investment-grade rating is to them, I don’t see how they can just scratch all that,” Mr Brady said. “They would have to pay so much more for the bond deal if they blew through those promises.” 布雷迪說(shuō)：“鑒于他們剛剛完成路演，介紹了投資級(jí)評(píng)級(jí)對(duì)他們的重要性，我看不出他們?cè)趺茨軌蚰ㄆ竭@一切。如果他們搞砸這些承諾，他們將必須為這筆債券交易付出更高代價(jià)。”

BNP Paribas, Citigroup, Credit Suisse, HSBC, MUFG and Santander were bookrunners on the deal.

法國(guó)巴黎銀行(BNP Paribas)、花旗集團(tuán)(Citigroup)、瑞信(Credit Suisse)、匯豐(HSBC)、三菱日聯(lián)金融集團(tuán)(MUFG)和桑坦德銀行(Santander)都是這筆交易的賬簿管理人。

Syngenta carried strong single A credit ratings before ChemChina’s acquisition, but S&P now pegs the company at BBB-, the lowest rung of investment grade, while Moody’s rating is even lower, in junk territory.

在被中國(guó)化工收購(gòu)前，先正達(dá)的信用評(píng)級(jí)曾為較好的A級(jí)，但標(biāo)準(zhǔn)普爾現(xiàn)在對(duì)該公司的評(píng)級(jí)為BBB-(投資級(jí)中的最低檔)，而穆迪(Moody’s)甚至給出了更低的垃圾級(jí)。

S&P said in a report published last month that ChemChina had indicated that both it and China’s state-owned Assets Supervision and Administration Commission “remain committed” to maintaining this rating “under all scenarios”.

標(biāo)普在上月發(fā)布的一份報(bào)告中稱，中國(guó)化工曾暗示，其與中國(guó)國(guó)有資產(chǎn)監(jiān)督管理委員會(huì)(SASAC)都“仍致力于”在“在所有情景下”維持這一評(píng)級(jí)。

“Given the considerable leverage at ChemChina, financial support to mitigate any litigation liabilities would need to come from Sasac in the form of equity, so that there is no additional debt imposed on Syngenta or ChemChina,” the report said, adding that the ratings could be lowered if this funding is not extended in a “timely and full manner”.

“考慮到中國(guó)化工的巨大影響力，任何緩解訴訟責(zé)任的財(cái)務(wù)支持，都將需要以股權(quán)的形式來(lái)自國(guó)資委，以便沒(méi)有額外的債務(wù)強(qiáng)加于先正達(dá)或者中國(guó)化工，”這份報(bào)告稱。該報(bào)告補(bǔ)充說(shuō)，如果這方面的資金不能“及時(shí)、全面地”提供到位的話，評(píng)級(jí)可能會(huì)調(diào)降。

A bond investor said that during calls for the failed offering Syngenta’s management referred to these assurances ChemChina provided to S&P.

一名債券投資者表示，在為最后失敗的債券發(fā)售舉行電話會(huì)議期間，先正達(dá)管理層提到了中國(guó)化工向標(biāo)普提供的這些保證。

“They said they were going to keep it investment-grade and, luckily for them, they’ve now got an early opportunity to prove it,” he said.

他說(shuō)：“他們說(shuō)，他們將把評(píng)級(jí)維持在投資級(jí)，而幸運(yùn)的是，他們現(xiàn)在有了及時(shí)的機(jī)會(huì)來(lái)證明這一點(diǎn)。”

Banks running the deal have already indicated to investors that they will insert coupon step-ups into the bond’s documentation, which increase the interest rate Syngenta pays if its credit ratings are cut.

籌劃上述交易的銀行已經(jīng)向投資者表示，他們將在債券文件中插入遞增票息條款，也就是說(shuō)，如果信用評(píng)級(jí)被調(diào)降，先正達(dá)將支付更高利率。

“We plan to come back to the market in coming months, having had productive meetings with potential investors,” the spokesman for Syngenta said.

“在與潛在投資者舉行了富有成效的會(huì)談后，我們計(jì)劃在未來(lái)幾個(gè)月重返債券市場(chǎng)，”先正達(dá)的發(fā)言人表示。