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United Overseas Bank Said to Commit to Citic Pacific Loan

United Overseas Bank Ltd., a Singapore-based lender, has committed funds to a HK$3 billion ($387 million) loan for Citic Pacific Ltd., according to two people familiar with the matter.

Citic Pacific, a Hong Kong-based steelmaker with operations in iron ore mining and property development in mainland China, is arranging the facility by itself and is seeking commitments of HK$500 million from banks, according to three other people familiar with the matter.

The amount of the loan may be increased depending on how much lenders commit, the three people said, declining to be identified because the details are private. The loan pays an all-in rate of 280 basis points more than the Hong Kong interbank offered rate, a separate person familiar with the matter said April 19.

Marjorie Law, a spokeswoman at Brunswick Group LLP, which handles media relations for Citic Pacific, did not immediately return two messages left at her Hong Kong office seeking comment on the loan. United Overseas Bank’s Singapore-based spokeswoman Jean Khong declined to immediately comment when asked about the commitment by phone today.

The loan will be used for investment in an iron ore project in Australia, according to the three people who spoke today. Citic Pacific arranged a visit for bankers to its sites in the country earlier this month, they said.

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