Western HarbourÆs HK$3.5 billion loan closes over-subscribed

The facility was over-subscribed to the tune of HK$5.25 billion with participation from 18 banks out of which only three were foreign banks.

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.

The facility pays a spread of 87bp over Hibor reflecting the heavy demand from the banks. The facility features two tranches comprising...

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