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.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.