New World Development (HKG:0017) obtained commitments from 10 banks to help the developer refinance HK$87.5 billion of loans, Bloomberg News reported Thursday, citing people familiar with the matter.
Among the banks that have completed internal approvals for the refinancing include Bank of China (HKG:3988, SHA:601988), HSBC (HKG:0005) and Standard Chartered (HKG:2888), Bank of East Asia (HKG:0023), Fubon Bank (Hong Kong), Hang Seng Bank (HKG:0011), and France's Credit Industriel et Commercial, Bloomberg said.
Total commitments topped HK$20 billion, the report said, citing the sources.
More banks are also expected to finalize their commitments for NWD's refinancing, Bloomberg reported.
Many bankers are optimistic that the deal will materialize even if the refinancing will take time due to the large number of participants, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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