HANG Lung Group will more than double its planned $1.2 billion four-year term loan facility to $2.5 billion after strong interest from underwriters, the group says.
It said the Hang Lung Treasury loan, guaranteed by Hang Lung Development, met strong interest.
The interest margin on the loan is 85 basis points (0.85 percentage points) over the Hong Kong interbank offered rate.
The group said proceeds would be used for general corporate requirements. General syndication was expected to start shortly.
Hang Lung Group is a regular visitor to the loan market, according to the Basis Point newsletter.
Amoy Treasury raised the equivalent of US$194.6 million in a three-year multi-currency loan two years ago, Hang Lung Treasury raised HK$1.74 billion in a three-year loan late in 1993 and Hang Lung Development raised HK$2.0 billion in a four-year facility signed last September.
