COLI registers a stunning success

Following over-subscription to the tune of HK$2 billion, the deal was upsized to HK$1.8 billion and closed last week.

China Overseas Land Investment COLI has registered a success for its HK$1.2 billion $154 million syndicated loan facility. Following over-subscription to the tune of HK$2 billion, the deal was upsized to HK$1.8 billion and closed last week. Signing is scheduled for July 23.

COLI will use the proceeds from the loan to refinance a $160 million loan that matures in September 2002. The five-year loan, tapped in September 1997, paid a spread of 100bp over Libor for the first three years and 130bp for the fourth and fifth year. That deal was also upsized from $100 million following over-subscription. Societe Generale was the co-ordinating arranger for that deal.

The present transaction pays...

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