The 2018 financing, borrowed by China Datang Corp.’s unit China Datang Overseas Hong Kong Co., was secured by about 3.3 billion of shares in Hong Kong-listed Datang International Power Generation Co.
HONG KONG: A unit of a Chinese state-owned power company is seeking a HK$5 billion ($644 million) one-year loan that will refinance an earlier 2018 deal after the company breached a default clause, according to people familiar with the matter.
The 2018 financing, borrowed by China Datang Corp.’s unit China Datang Overseas Hong Kong Co., was secured by about 3.3 billion of shares in Hong Kong-listed Datang International Power Generation Co. The breach came after the value of the pledged shares fell below the outstanding loan amount for more than 10 straight trading days, said the people, who are not authorized to speak publicly and asked not to be identified.
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