Appleby Advised Hang Seng Bank on Country
Garden's Deal Currency Loan Facility
Advised Hang Seng Bank on HK$4.5 billion dual currency loan facility to Country Garden
Appleby acted as BVI and Cayman counsel to Hang Seng Bank in its role as facility agent in a syndicated dual currency loan facility granted to Country Garden Holdings Company Limited (Country Garden). The credit agreement, denominated in both HKD and USD, involved seven lenders in an aggregate amount equivalent to approximately HK$4.5 billion for a term of 4 years and was guaranteed by certain of its subsidiaries.
The loan facility will be used by Country Garden for the repayment and/or prepayment of any debts owed by the company or any members of the Country Garden group of companies, as well as for general corporate purposes. Rupen Shah, senior associate in Appleby’s Hong Kong office led the transaction whilst Allen & Overy Hong Kong acted as onshore counsel to Hang Seng Bank.
Country Garden is listed on the Hong Kong Stock Exchange and is China’s seventh largest property developer. Through its subsidiaries, Country Garden is engaged in large-scale residential projects such as villa, townhouses, apartment buildings, parking spaces and retail shops.
For further information please contact Queenie Ngan.