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China Resources Land Said to Sign HK$1.3 Billion Facility

Jan. 16 (Bloomberg) -- China Resources Land Ltd. signed a loan for the equivalent of HK$1.3 billion ($167 million) after initially seeking HK$1 billion, according to a person familiar with the matter.

The loan was split into a Hong Kong dollar-denominated part and a yuan-denominated portion. The former pays an interest margin of 175 basis points more than the Hong Kong interbank offered rate while the latter pays a fixed rate of 2.75 percent, the person said, asking not to be identified as details are private.

DBS Bank Ltd., which coordinated and arranged the loan, lent HK$500 million. Agricultural Bank of China Ltd. supplied HK$500 million and Nanyang Commercial Bank Ltd. lent the equivalent of HK$300 million, split equally between Hong Kong dollars and yuan, the person said.

Proceeds from the two-year facility will be used for refinancing and general corporate funding requirements, with this being the first Hong Kong dollar and yuan dual-currency loan for the borrower, the person said. The loan was signed on Jan. 12, according to the person.

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

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

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