CK Property prices bumper $7.1b loan

Cheung Kong Property sets an better-than-targeted all-in price on its new jumbo loan of just Libor plus 110bp as banks pile in.

Li Ka-shing-controlled Cheung Kong Property has priced its jumbo HK$55 billion $7.1 billion loan at 110 basis points over Libor all-in, according to two sources familiar with the matter.

The new loan is coming slightly under what was guided by the company, as it had previously capped all-in pricing at Libor plus 115bp.

Term sheets for the three-year bullet loan have been sent to the banks and they can choose to lend in either US dollars or Hong Kong dollars, with Hibor being the benchmark if they lend in Hong Kong dollars, one of the sources said.

The pricing requires commitments of HK...

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