Western HarbourÆs HK$3.5 billion loan closes over-subscribed

Led by mandated coordinating arrangers HSBC, Bank of China, Citic Ka Wah Bank and ICBC, a HK$3.5 billion ($450 million) loan for Western Harbour Tunnel Co. Ltd. has closed oversubscribed with participation from 18 banks in the sub-underwriting stage. The facility was over-subscribed to the tune of HK$5.25 billion resulting in allocations to the arrangers being scaled back by 50%. As the company cannot borrow more than HK$3.5 billion, the facility has closed without being launched into general syndication. Signing of the facility is slated for July 31.