Sun Hung Kai Properties (0016) said it has signed a HK$20 billion five-year syndicated term and revolving credit facility with 16 lenders.
The facility received overwhelming support, expanding from an initial amount of HK$5 billion to more than HK$26 billion at the arrangers’ coordinating stage, the developer said in a statement.
A portion of the proceeds will be used to refinance some of the group’s existing debts, while the remainder will serve as working capital to support its business operations and developments, the statement said.
“We are encouraged by the strong participation, which reflects the financial market’s strong confidence in SHKP and in Hong Kong’s future,” said SHKP chairman and managing director Raymond Kwok Ping-luen.
With the completion of several integrated projects, including the International Gateway Centre (IGC) in Hong Kong and ITC in Shanghai, the group is set to grow its recurring income base and achieve stable recurring income, the statement noted, adding that the Artist Square Towers, also in West Kowloon, is expected to be completed in 2027.
The facility is backed by:
