Five-year deal set to be city's largest syndicated borrowing
International Finance Centre, a grade A commercial building in Central, has agreed to terms on a HK$14 billion five-year loan, breaking the city's record for the initial lending amount, sources said.
The deal, set to be Hong Kong's largest syndicated loan, comes after shareholders pulled back from a similar arrangement last year.
It surpasses Henderson Land Development's HK$13.4 billion loan taken out last year and a HK$12.6 billion term loan signed by Sun Hung Kai Properties in 2005.
'The amount has been fixed at HK$14 billion and the borrower has no plans to boost the loan to a higher level despite strong support from lenders,' said a source close to the transaction.
Bank of China (Hong Kong) and Standard Chartered Bank are the arrangers among the 17 to 18 local and international lenders that have committed themselves to the loan deal.
A few other banks are waiting approval from their headquarters to sign up to the loan.