2021年2月26日，路孚特（Refinitiv）旗下的国际金融时评International Finance Review IFR公布IFR ASIA Awards 2020,水发兴业能源（00750.HK）债务重组项目获最佳重组交易（Turnaround Deal）大奖。

众所周知，兴业太阳能在2018年10月遭受到意外打击。当时由于光伏发电政府补贴的削减，在短短几个月内，银行取消了信贷额度，公司也因此拖欠了在岸和离岸债券的偿付。有家香港的金融机构甚至在危机时刻发出了清盘呈请。

水发兴业能源于2019年底通过引入了国有投资者水发集团进行快速重组，平衡了债权人的利益，并以公平的方式脱颖而出，赢得了离岸债券持有人的压倒性支持。

水发集团的投资和重组非常成功。兴业太阳能更名为水发兴业能源之后，通过公开市场回购和要约收购债券，重新获得市场信心。随着母公司水发集团在资源上和业务上的大力支持，公司现金流状况大为改善，在这一轮清洁能源大潮中牢牢把握市场机遇，业务蒸蒸日上。随着重获市场和投资者信心，公司的股价也得以逐步回归。

关于路孚特（Refinitiv）

前身为汤森路透金融与风险事业部，隶属全球金融市场数据和基建重要角色。新公司由黑石集团为主要大股东，持有55%股权，而汤森路透则持有45%股权。2017年路孚特公司总营业额达至61亿美元，在190个国家则超过40000人雇员。

关于水发兴业能源（00750.HK）

中国水发兴业能源集团有限公司（00750.HK）创建于1995年，原名中国兴业太阳能技术控股有限公司，2009年在香港联交所主板上市。2019年11月，公司获山东省属国有企业水发集团有限公司增资控股66.92%股份，成为水发集团布局粤港澳大湾区的一级权属公司，“蝶变”为国资控股的港股上市公司。

历经二十多年的稳健发展和持续创新，公司逐步发展为专注清洁能源、绿色建筑、新型材料三大产业的高新技术企业集团，资产规模达120亿元人民币，成为行业重要参与者、贡献者、引领者。

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.

最佳重组交易：中国水发兴业能源集团有限公司债务重组

通过引入国有背景的投资人，中国的一家太阳能企业在2019年底快速完成了债务重组，平衡了债权人之间的利益，并且站在公允的立场赢得了境外债券持有人的一致支持。

正如市场所知，中国兴业太阳能技术控股有限公司（曾用名）在2018年5月因政府对太阳能企业的补贴退坡政策而遭受意外打击。在几个月内，银行降低了公司的授信额度，导致公司的境内外债务均出现了违约。一家境外的金融机构在公司的上市地(香港）对公司提出了清盘申请。

兴业曾尝试通过发行可转换债券和新股来筹集资金，但并未成功。2018年10月，公司未能赎回1.55亿美元6.75％的优先票据，从而引起了其2019年到期的2.6亿美元7.95％优先票据和9,600万元人民币（1,500万美元）5％可转换债券出现交叉违约。

公司委任钟港资本为财务顾问协助其与包括私募股权基金、能源类公司、以及高净值投资者在内的多家潜在白武士进行沟通。最后公司选择了与其有过项目合作的国有企业——水发集团有限公司。 

拟定投资者希望确保债务重组方案不会稀释股权。债权人因水发集团的进入受到鼓舞，但希望水发集团能够在修改债务条款之前签署对兴业的投资条款，同时股权入股和债务重组两个交易并行开展，互为条件。 

虽然境外债券的持有人十分分散，但是一些持有量较高的持有人组成了债委会，并委任美驰担任财务顾问。 最终，98.4％的境外债券持有人对重组支持协议给予了压倒性的支持。

清盘申请也在兴业与债权人达成了满意的和解方案之后被撤回。

债券持有人避免了被削债，旧债券也被交换为年期3年，带有2％的现金利息和4％的实物利息的4.15亿美元新债券。

债券持有人获得了4,140万美元的现金偿还对价。此外，签署了重组支持协议的持有人还获得额外的860万美元现金。

水发集团的子公司水发集团（香港）控股有限公司同意以16亿港币（2.06亿美元）的价格认购66.92%的兴业股权。由于这是首次白武士协助中资发行人进行的美元债券重组，因此需要多个层级的内部审批。

2020年，更名后的中国水发兴业能源集团有限公司利用有利的二级市场价格在公开市场上回购债券，随后再以要约收购的方式进行公开要约。至此，债务重组和水发集团有限公司的投资取得了圆满成功。

来源：水发集团

审核：李东星