Pan Naiyue, Chief Executive Officer of CNLP, said, 'Driven by rapid growth of e-commerce and domestic consumption in recent years, demand in the major logistics market has been persistently strong.
Cheuk Shun Wah, Chief Financial Officer of CNLP, said, 'The cooperation with LaSalle will benefit the Group's long-term development, notably optimizing the capital structure and reducing the operational cost, which will further enhance the financial stability.
's recurring EBITDA interest coverage was 0.52x in 2017, in line with Fitch's expectation as the company's interest expense increased when its pre-IPO equity-like hybrid instruments were replaced with traditional debt funding in 2017.
was one of the first pioneering entrants into China's logistic facilities market with an undivided focus on China.
The Firm also represented CNLP in connection with a US$300 million credit facility with Credit Suisse Singapore and a separate US$100 million debt facility with two financial institutions.
CNLP is a leading premium logistics facilities provider in China.
C-BURIDAN refines the approach of CNLP
by keeping observations distinct from effects and allowing different outcomes of a sensing action to have the same observation label, thus modeling partial observability (Draper, Hanks, and Weld 1994).
The Negative Outlook reflects Fitch's estimate that CNLP's recurring EBITDA interest cover will remain below 0.7x in 2018 and below 1x in 2019, mainly due to slower project completion and ramp-up than our previous expectation.
Low Interest Coverage: CNLP's recurring EBITDA interest coverage was 0.52x in 2017, in line with Fitch's expectation as the company's interest expense increased when its pre-IPO equity-like hybrid instruments were replaced with traditional debt funding in 2017.
Richard Ong, Chairman and CEO of RRJ Capital, said "We are delighted to complete this follow-on investment in CNLP together with our co-investors.
Shifa Li, the Chairman and CEO of CNLP, said, "We are very delighted to have cooperated with RRJ Capital on this follow-on investment.
's ratings are supported by strong industry demand for high-standard warehouses, the company's national geographic coverage, and its extensive network.