Hongkong and Shanghai Hotels signs HK$2.0 billion loan facility

The Hongkong and Shanghai Hotels (HSH) has recently agreed a new five-year syndicated loan facility in excess of HK$2.0 billion ($258 million) with HSBC, Standard Chartered, BNP and Bank of China. The move will enable the company to repay a HK$1.32 billion convertible bond that is set to mature in January 2001. None of the bondholders are expected to convert their holdings into shares, with the shares currently trading well below the HK$12.80 conversion price of the bonds.