HSH upsizes loan deal before launch into general syndication

Strong demand from banks in the sub-underwriting demonstrates rarity value associated with a borrower returning to the loan markets after two years.

HSH Finance, the funding arm of the Hongkong Shanghai Hotels group, has upsized its five-year term loan deal to HK$1.8 billion $231 million from an original size of HK$1.5 billion. Four banks have already joined the transaction in the sub-underwriting stage for the deal led by mandated coordinating arrangers and bookrunners Bank of China, HSBC, Standard Chartered and Sumitomo Mitsui Banking Corporation SMBC. Bank of China is the signing agent, while Standard Chartered is the facility agent. SMBC, apart from handling the publicity and documentation, is also coordinating the syndication process.

General syndication is likely to be launched this week and slated for close by the end of September. The...

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