Great Eagle to raise HK$4-5 billion via syndicated loan

Great Eagle is raising HK$4-5 billion via a syndicated loan to finance a redevelopment in Mongkok, Hong Kong.

Investment property and hotels group Great Eagle Holdings is raising HK$4 billion to HK$5 billion (roughly $513.2 million to $642 million) via a syndicated loan to help finance a HK$8.5 billion redevelopment in Mongkok. The company says the terms of the loan, which is reportedly being handled by Hong Kong's five biggest banks, have not yet been finalized.

The 1.76 million square foot redevelopment is scheduled for completion in late 2003 and will comprise an office tower, a retail/entertainment centre and a hotel.

At end-1999, Great Eagle had total borrowings of HK$9.5 billion and its gearing was around 50%.

Property developer Kerry Properties recently agreed a HK$4.2 billion five-year syndicated loan facility priced at 84 basis points over three-month HIBOR.

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