THE 10-year $2.05 billion transferable loan facility launched by Sun Hung Kai Properties (Financial Services) was closed yesterday. The proceeds will be used for funding its increasing investment properties portfolio.
The general syndication, arranged by Societe Generale Asia, was well received, prompting the borrower to increase the facility amount from $1 billion.
The interest margin on the loan certificates was priced at 80 basis points above HIBOR (Hong Kong Inter-Bank Offered Rate).
The loan carries an annual exchangeable option which entitles the lenders to convert the loan certificates into short-term advance certificates (STACs) with one-year maturity commencing on the third anniversary of the draw-down date.
Meanwhile, San Miguel Brewery Hong Kong signed a five-year US$26 million term loan facility to provide low-interest financing for investment in the Shunde Brewery, its second joint venture project in China.
