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Shui On Said to Seek Additional Lenders After Loan Signing

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Feb. 21 (Bloomberg) -- Shui On Development Holding Ltd. may complete a three-year loan as early as this week and will seek additional commitments later via a so-called accordion structure, said a person familiar with the matter.

About ten banks, including the loan’s arranger, Credit Suisse AG, will lend to the facility, the person said. Shui On is expected to sign the loan either this week or early next with bank commitments totaling about $300 million, the person said. The company initially sought $410 million however will continue to accept commitments after this week via a structure which allows lenders to join after the loan has been signed, the person said.

Shanghai-based Shui On spokeswoman Ingrid Tang didn’t immediately respond to two phone calls to her mobile seeking comment on the loan.

The loan refinances an existing facility of about $300 million, another person familiar with the matter said on Jan 4.

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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