New World Seeks More Banks to Join Up to $2 Billion Loan
New World Development Co. is looking for more banks to join an up to HK$15.6 billion ($2 billion) loan backed by its key asset, Victoria Dockside, according to people familiar with the matter, as the cash-strapped company tries to shore up its finances.
Deustche Bank AG, which is arranging the deal, sent invitations this week to some banks that aren't already lenders to the developer, the people said, asking not to be identified discussing private matters. The base size of the three-year facility is HK$4 billion, they added. Proposed terms that the company sent to other banks in March didn't specify a base loan size.
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