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Sun Hung Kai Properties secures HK$21B credit facility

Sun Hung Kai Properties Ltd. signed a five-year HK$21 billion syndicated credit facility with a consortium of 16 financial institutions.

Proceeds from the facility will be used for business development and general working capital, to refinance debt and to extend the property company's Hong Kong maturity profile.

The facility is split 30/70 between term loan and revolving credit tranches, with interest of 0.65% over the Hong Kong Interbank Offered Rate. Initially, the facility was worth HK$5 billion.

The financial institutions backing the facility include The Hongkong & Shanghai Banking Corp. Ltd., Mizuho Bank Ltd., Bank of China (Hong Kong) Ltd., Hang Seng Bank Ltd., The Bank of Tokyo-Mitsubishi UFJ Ltd., Standard Chartered Bank (Hong Kong) Ltd., Sumitomo Mitsui Banking Corp., United Overseas Bank Ltd., Citibank NA, DBS Bank Ltd., China Construction Bank (Asia) Corp. Ltd., Chong Hing Bank Ltd., Industrial & Commercial Bank of China (Asia) Ltd., Oversea-Chinese Banking Corp. Ltd., BNP Paribas and Credit Agricole Corporate & Investment Bank.