The deal had been all but done after the cash-strapped builder last week secured written commitments from all participating banks, and only procedural steps remained for lenders to sign the loan documents, Bloomberg News reported at the time.
Distressed Hong Kong builder New World Development Co. has closed a HK$88.2 billion ($11.2 billion) loan refinancing deal, formally concluding months of negotiations with banks for the largest-ever such borrowing in the city.
The company successfully refinanced certain of its existing offshore unsecured financial indebtedness, including bank loans, through a new refinancing term loan facility, it said in a filing to the Hong Kong stock exchange Monday. The developer also said it aligned its other existing offshore unsecured bank loans with the terms of the new refinancing loan.
