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IFC Development Said to Attract Banks for HK$5 Billion Loan

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Oct. 18 (Bloomberg) -- IFC Development Ltd. is close to securing loan commitments of a total of HK$5 billion ($643 million) from five banks, said a person familiar with the matter.

Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Oversea-Chinese Banking Corp., Sumitomo Mitsui Banking Corp. and United Overseas Bank Ltd. will likely loan at least HK$1 billion each, said the person, who declined to be identified because the details are private. The borrower may increase the facility, the person said.

IFC Development, owned by Sun Hung Kai Properties Ltd., Henderson Land Development Co. and Hong Kong & China Gas Co., reduced the size of the loan from the HK$17 billion it was considering earlier this year because of tightening liquidity, the person said. The new borrowing is to partly refinance a previous facility of about HK$17 billion.

The new loan pays an all-in, which includes margin and fees, of about 150 basis points, the people said.

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net

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