HMIN » Topics » Financing Activities

This excerpt taken from the HMIN 20-F filed Apr 18, 2008.

Financing Activities

Our financing activities consist of issuance and sale of our shares to investors and related parties and borrowings from third-party lenders and our public offerings. The following table sets forth a summary of our outstanding indebtedness as of March 31, 2008:

 

Lender    Date of Loan
Initiation
   Due Date    Principal
(in RMB)
   Principal
(in US$)
   Interest
Rate
 

China Construction Bank

   04/13/2007    04/12/2009    18,000,000    2,467,579    6.570 %

China Industrial and Commercial Bank

   08/17/2007    05/16/2008    1,000,000    137,088    6.840 %

China Industrial and Commercial Bank

   08/17/2007    08/16/2008    17,000,000    2,330,491    6.840 %

China Merchants Bank

   01/10/2008    07/10/2008    50,000,000    6,854,385    6.570 %

China Merchants Bank

   01/24/2008    07/24/2008    50,000,000    6,854,385    7.227 %

China Merchants Bank

   03/31/2008    06/30/2008    60,000,000    8,225,263    6.570 %

All loans above are denominated in RMB.

 

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We are required under each loan or financing transaction agreement to notify the lender in advance before we enter into a material merger and acquisition, spin-off, corporate reorganization, new joint venture or sale of material assets transaction. None of our lenders have the right to prevent us from entering into any of these transactions. As of December 31, 2007, the remaining funds available under our credit facilities in the aggregate amounted to approximately RMB 250 million (US$ 34.3 million). Our loans from China Merchants Bank were drawn under a revolving credit facility which allows us to renew each loan for additional six-month terms at the same interest rate upon expiration of the initial term.

Net cash provided by financing activities in 2007 amounted to RMB 1,256.6 million (US$172.3 million) and was primarily attributable to the net proceeds from our additional public offering as well as our sale of convertible bonds, offset in part by the amount of debt we repaid during the period. Net cash provided by financing activities in 2006 amounted to RMB 779.1 million and was primarily attributable to the net proceeds from our initial public offering, offset in part by the amount of debt we repaid during the period. Net cash provided by financing activities amounted to RMB 100.2 million in 2005. Cash provided by financing activities in 2005 consisted of a total of RMB 60.0 million borrowings from a related party and third-party lenders and the RMB 40.3 million proceeds from our issuance and sale of preferred shares in the year.

This excerpt taken from the HMIN 20-F filed Jun 21, 2007.

Financing Activities

Home Inns Beijing’s cash provided by financing activities was related to capital contributions from its shareholders. Net cash provided by financing activities amounted to RMB 31.7 million in 2004.

EXCERPTS ON THIS PAGE:

20-F
Apr 18, 2008
20-F
Jun 21, 2007
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