先正达70亿美元债券发售受阻

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.

先正达(Syngenta)达成了一项法律和解，可能帮助其挽回此前失败的70亿美元债券发售，但分析师和投资者们警告，这家瑞士公司首先必须说明，它将如何在保持投资级信用评级的前提下为其法律责任筹资。

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.

这笔70亿美元的债券是为了给中国化工(ChemChina) 440亿美元收购这家种子和农药生产商提供资金，此前在紧张不安的投资者回避这笔债券的一个关键部分后，银行在周一推迟了这笔债券销售。此次发售旨在再融资65亿美元的过渡性贷款，以支持中国化工440亿美元的收购交易，将银行的敞口转移给债务投资者。

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.

投资者的首要担忧是先正达所面临的大量诉讼，它被指未获批准就在中国销售转基因玉米种子。但在退出该交易一天后，先正达表示，已在明尼苏达州的一宗关键庭审案件中达成和解，该和解协议(尚待法庭批准)将为符合条件的索赔人设立一个和解基金。

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.

与美国农民达成的这项和解，并不包括嘉吉(Cargill)和阿彻丹尼尔斯米德兰(Archer Daniels Midland)等粮食出口商提出的指控。先正达一名发言人表示，该公司将“继续针对这些指控为自己辩护”。他拒绝透露此次和解的规模，尽管有报道提出和解金额在15亿美元左右。

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.

信贷研究机构CreditSights的分析师安德鲁•布雷迪(Andrew Brady)表示，要重启债券发售，先正达公司将必须拿出一个方案，说明在不会令其失去标准普尔(Standard & Poor’s)投资级评级的前提下，为该项法律和解筹资。

“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.” 布雷迪说：“鉴于他们刚刚完成路演，介绍了投资级评级对他们的重要性，我看不出他们怎么能够抹平这一切。如果他们搞砸这些承诺，他们将必须为这笔债券交易付出更高代价。”

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

法国巴黎银行(BNP Paribas)、花旗集团(Citigroup)、瑞信(Credit Suisse)、汇丰(HSBC)、三菱日联金融集团(MUFG)和桑坦德银行(Santander)都是这笔交易的账簿管理人。

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.

在被中国化工收购前，先正达的信用评级曾为较好的A级，但标准普尔现在对该公司的评级为BBB-(投资级中的最低档)，而穆迪(Moody’s)甚至给出了更低的垃圾级。

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”.

标普在上月发布的一份报告中称，中国化工曾暗示，其与中国国有资产监督管理委员会(SASAC)都“仍致力于”在“在所有情景下”维持这一评级。

“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”.

“考虑到中国化工的巨大影响力，任何缓解诉讼责任的财务支持，都将需要以股权的形式来自国资委，以便没有额外的债务强加于先正达或者中国化工，”这份报告称。该报告补充说，如果这方面的资金不能“及时、全面地”提供到位的话，评级可能会调降。

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

一名债券投资者表示，在为最后失败的债券发售举行电话会议期间，先正达管理层提到了中国化工向标普提供的这些保证。

“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.

他说：“他们说，他们将把评级维持在投资级，而幸运的是，他们现在有了及时的机会来证明这一点。”

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.

筹划上述交易的银行已经向投资者表示，他们将在债券文件中插入递增票息条款，也就是说，如果信用评级被调降，先正达将支付更高利率。

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

“在与潜在投资者举行了富有成效的会谈后，我们计划在未来几个月重返债券市场，”先正达的发言人表示。