IFR Asia - 13.10.2018

› LOGAN SEEKS HK$1.2BN REFI

Chinese property developer LOGAN PROPERTY
HOLDINGS launched last Wednesday a
HK$1.2bn 3.5-year term loan.
Hang Seng Bank is the original mandated
lead arranger and bookrunner of the
borrowing, which pays an interest margin
of 395bp over Hibor and has an average life
of 2.95 years.
Bank of East Asia joined as MLAB before
the launch.
Mandated lead arrangers committing
HK$350m or more will earn an upfront
fee of 310bp, lead arrangers with tickets of
HK$250m–$349m will get a 280bp fee and
arrangers committing HK$100m–$249m
will get a 251bp fee. There is an early bird

fee of 10bp for banks joining by November

7.

The top-level all-in pricing is 503.47bp for

early bird lenders and 500.08bp for banks

that join after the early bird deadline.

A site visit and bank meeting will be held

in Shenzhen in the week of October 29.

Commitments are due by November 14.

Funds are for refinancing and working

capital.

Logan’s last borrowing was a HK$900m

three-year club deal signed in April with

BEA, China Minsheng Banking Corp and

Shanghai Pudong Development Bank. The

interest margin is 315bp over Hibor.

The Hong Kong-listed borrower develops

properties in Shenzhen, Shantou and

Nanning. It is rated Ba3/BB-/BB-.

› HUAFA SEEKS HK$1BN CLUB

ZHUHAI HUAFA GROUP is clubbing a HK$1bn

three-year term loan for working

capital.

Other details have not been disclosed.

Hang Seng Bank is helping to coordinate the

deal.

Zhuhai Huafa Group, which is fully

owned by the Zhuhai city government, has

businesses spanning urban infrastructure,

real estate, financial and industrial

investment, and trade.

In June, the group clubbed a Rmb1.1bn

(US$166m then) three-year term loan with

Bank of China and China Resources Bank of

Zhuhai, paying an interest margin of 100%

of the PBoC rate.

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