Top Glory facility set for launch next week

Top Glory Holdings' US$100 million loan facility is expected to be launched for general syndication next week.

The underwriting stage is nearly complete, according to bankers in the underwriting syndicate.

The amortising loan is for three years, with an average life of 27 months. Repayment is in four equal, semi-annual instalments with a grace period of 18 months.

The company, the parent of listed Top Glory International Holdings, pays an interest margin of 115 basis points above the three or six-month London interbank offered rate.

Underwriting fees are 11.25 basis points for senior co-arrangers committing $15 million or more and 5.625 basis points for co-arrangers committing $12 million or more.