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Lee & Man Said to Sign and Allocate HK$3.5 Billion Loan

Lee & Man Paper Manufacturing Ltd. signed a HK$3.5 billion ($450 million) loan today with 20 banks, said two people familiar with the matter.

The loan is split into Hong Kong dollar and U.S. dollar portions, according to an allocation letter seen by Bloomberg News.

Bookrunner and mandated lead arranger Hang Seng Bank Ltd. committed $73 million, according to the document. Mizuho Corporate Bank Ltd., HSBC Holdings Plc, and Standard Chartered Plc, also bookrunners and mandated lead arrangers, committed HK$450 million, HK$400 million and HK$380 million respectively, according to the document.

The Bank of Tokyo-Mitsubishi UFJ Ltd., which joined as a mandated lead arranger, committed $38.46 million. The remainder of the facility is allocated among 15 other banks, the people said.

The banks are Bank Sinopac, 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., the people said. 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..

The loan size was increased from the original target of HK$2.5 billion, said the people who asked not to be identified because the details are private.

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