Bankers are starting to negotiate the term sheet for a HK$5 billion $641 million loan for Hutchison Global Crossing HGC. Market sources confirm that three banks - Citibank, SG and Commerzbank - have an unofficial mandate for the company's first Hong Kong dollar deal. The term sheet is being finalized prior to a mid-November launch.
The loan is definitely going to be non-recourse to the company's main shareholders - Hutchison Whampoa and Asia Global Crossing - who each hold a 50% stake in the joint venture. It will likely be similar in structure, tenor and price to a HK$4 billion loan taken by Hutchison Telecom in April 2000....
