Shangri-La Asia yesterday announced the formation of an arrangers' group for its US$500 million five-year revolving term-loan facility. The facility was oversubscribed at the underwriting stage following a strong response from the banking community. Shangri-La Asia has decided to launch the general syndication of the $500 million and significantly scale back the underwriting banks' initial commitments. The arrangers' group comprises 17 financial institutions from Hong Kong, Australia, Britain, Canada, France, Germany, Japan, Singapore, and the United States. Co-ordinating arrangers for the facility are HSBC Investment Bank Asia, JP Morgan Securities Asia - who are acting as joint book-runners, and Societe Generale Asia, which is the agent.