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Springland $150 Million Facility Said to Attract 10 Banks

Springland International Holdings Ltd., an operator of retail stores and supermarkets in China, received commitments from 10 banks so far for a $150 million loan, a person familiar with the matter said.

Banks that have joined the three-year facility in general syndication include Bank of East Asia Ltd., Chang Hwa Commercial Bank, First Commercial Bank Co., Hua Nan Commercial Bank Ltd. and Taiwan Business Bank, the person said, asking not to be identified as details are private. The loan is being arranged by DBS Group Holdings Ltd.

General syndication of the loan is expected to be completed next week and signing will likely be by the end of September, the person said.

The loan will pay a so-called top-level all-in payment of 306 basis points more than the London interbank offered rate, a person familiar with the matter said last month. The loan, with an average life of 2.6 years, also pays a 15 basis-point “early bird” fee, that person said on Aug. 29. Cleavebury Ltd. is taking out the loan, which Springland will guarantee.

Veronica Hui, a spokeswoman with Springland’s external public relations agency in Hong Kong, declined to comment on the financing.

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