China Overseas Land Investment COLI has registered a success for its HK$1.2 billion $154 million syndicated loan facility. Following over-subscription to the tune of HK$2 billion, the deal was upsized to HK$1.8 billion and closed last week. Signing is scheduled for July 23.
COLI will use the proceeds from the loan to refinance a $160 million loan that matures in September 2002. The five-year loan, tapped in September 1997, paid a spread of 100bp over Libor for the first three years and 130bp for the fourth and fifth year. That deal was also upsized from $100 million following over-subscription. Societe Generale was the co-ordinating arranger for that deal.
The present transaction pays...
