By Alasdair Reilly
LONDON, Aug 8 (Reuters) - Hong Kong's CK Infrastructure (CKI) 1038.HK has successfully closed 1.95bn (US$2.30bn)of loans backing its 4.5bn acquisition of German metering and energy management group Ista, banking sources said.
The financing comprises a 1.6bn term loan with a three-year maturity, extendible by a further two years; a 250m five-year capital expenditure facility; and a 100m five-year revolving credit facility.
Pricing on the term loan starts at a competitive sub-100bp over Euribor, stepping up over time to around 150bp.
All 12 banks approached on the loan committed to the financing, one of the sources said.
The banks are Mizuho, San Paolo IMI (LON:IMI), BNP Paribas (PA:BNPP), China Construction Bank, Commerzbank (DE:CBKG), ING Bank, National Australia Bank, Royal Bank of Canada, Scotiabank, MUFG, SMBC and UniCredit.
Mizuho is facility agent.
CKI could not be reached for comment outside business hours.
CKI, part of conglomerate CK Hutchison controlled by Hong Kong's richest man Li Ka-shing, announced it was acquiring Ista from private equity fund CVC in July.
CK Infrastructure, Cheung Kong Property Holdings and Midco 5 have formed a joint venture to acquire Ista. The acquisition is expected to close in the fourth quarter of 2017. ($1 = 0.8465 euros)