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Powerlong Real Estate lands up to US$305M term loan facility

Powerlong Real Estate Holdings Ltd. secured an up to US$305.0 million term loan facility from a group of lenders.

The loan carries a term of 42 months and a yearly interest rate of 3.4%, plus Interbank Offered Rates either in Hong Kong for the first tranche of the facility or in London for the second tranche.

The real estate developer plans to use the amount to refinance existing debt and fund its general working capital.

The Hongkong and Shanghai Banking Corp. Ltd. is the lead arranger, book runner and agent of the facility. The Bank of East Asia Ltd. and Tai Fung Bank Ltd. are also serving as lead arrangers.