Dec. 19 (Bloomberg) -- Lee & Man Paper Manufacturing Ltd. is planning on signing a HK$3.5 billion ($450 million) loan with 20 banks on Dec. 21, said a person familiar with the matter.
The loan size has been increased from the original target of HK$2.5 billion, said the person who asked not to be identified because the details are private.
Banks joining the loan are Bank Sinopac, Bank of Tokyo-Mitsubishi UFJ Ltd., China Construction Bank Corp., Chinatrust Commercial Bank Corp., Chang Hwa Commercial Bank, E Sun Commercial Bank, First Commercial Bank Co., Hua Nan Commercial Bank Ltd., Land Bank of Taiwan and Nanyang Commercial Bank Ltd., said the person.
Also joining the syndicate are KBC Groep NV, Taipei Fubon Commercial Bank Co., Taishin Financial Holding Co., Taiwan Business Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank Co., said the person.
Lee & Man hired Hang Seng Bank Ltd., HSBC Holdings Plc, Mizuho Corporate Bank Ltd., and Standard Chartered Plc to arrange the four-year facility, which will be used to refinance debt, another person familiar with the matter said on Nov. 8. Bank of Tokyo-Mitsubishi is also a mandated lead arranger, the person said today.
The loan pays a so-called all-in rate, which includes margin and fees, of 305 basis points more than the Hong Kong interbank offered rate, said the person.
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