China SCE Property Holdings Ltd. secured from a syndicate of banks a term loan facility comprising two tranches worth HK$3.17 billion and US$9.0 million.
The dual-tranche facility has a term of three years and six months and was provided by The Hongkong and Shanghai Banking Corp. Ltd., Hang Seng Bank Ltd., Bank of China (Hong Kong) Ltd. and Industrial Bank Co. Ltd. Certain subsidiaries of the investment holding company guarantee the loan facility.
The facility will carry an interest rate of the sum of a 3.3% interest per annum and the Hong Kong Interbank Offered Rate for the HK$3.17 billion tranche or the London Interbank Offered Rate for the US$9.0 million tranche, to be determined in accordance with the terms and conditions of the facility agreement.
Hang Seng functioned as the agent for the facility and together with HSBC and Bank of China also acted as lead arranger and book runner. Industrial Bank is also among the facility's lead arrangers.
