先正達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(Syngenta)達成了一項法律和解，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明，它將如何在保持投資級信用評級的前提下為其法律責任籌資。

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化工(ChemChina) 440億美元收購這家種子和農藥生產(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關鍵部分后，銀行在周一推遲了這筆債券銷售。此次發(fā)售旨在再融資65億美元的過渡性貸款，以支持中國化工440億美元的收購交易，將銀行的敞口轉移給債務投資者。

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.

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

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.

與美國農民達成的這項和解，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。先正達一名發(fā)言人表示，該公司將“繼續(xù)針對這些指控為自己辯護”。他拒絕透露此次和解的規(guī)模，盡管有報道提出和解金額在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.

信貸研究機構CreditSights的分析師安德魯•布雷迪(Andrew Brady)表示，要重啟債券發(fā)售，先正達公司將必須拿出一個方案，說明在不會令其失去標準普爾(Standard & Poor’s)投資級評級的前提下，為該項法律和解籌資。

“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：“鑒于他們剛剛完成路演，介紹了投資級評級對他們的重要性，我看不出他們怎么能夠抹平這一切。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。”

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

法國巴黎銀行(BNP Paribas)、花旗集團(Citigroup)、瑞信(Credit Suisse)、匯豐(HSBC)、三菱日聯(lián)金融集團(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.

在被中國化工收購前，先正達的信用評級曾為較好的A級，但標準普爾現(xiàn)在對該公司的評級為BBB-(投資級中的最低檔)，而穆迪(Moody’s)甚至給出了更低的垃圾級。

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”.

標普在上月發(fā)布的一份報告中稱，中國化工曾暗示，其與中國國有資產(chǎn)監(jiān)督管理委員會(SASAC)都“仍致力于”在“在所有情景下”維持這一評級。

“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”.

“考慮到中國化工的巨大影響力，任何緩解訴訟責任的財務支持，都將需要以股權的形式來自國資委，以便沒有額外的債務強加于先正達或者中國化工，”這份報告稱。該報告補充說，如果這方面的資金不能“及時、全面地”提供到位的話，評級可能會調降。

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)售舉行電話會議期間，先正達管理層提到了中國化工向標普提供的這些保證。

“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：“他們說，他們將把評級維持在投資級，而幸運的是，他們現(xiàn)在有了及時的機會來證明這一點。”

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，如果信用評級被調降，先正達將支付更高利率。

“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談后，我們計劃在未來幾個月重返債券市場，”先正達的發(fā)言人表示。