New World Gains Support for 87% of Loan Refinancing From Banks
By Apple Ka Ying Li and
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New World Development Co. has received more backing from banks for its HK$87.5 billion ($11.2 billion) loan refinancing, giving it written commitments for 87% of the total, according to people familiar with the matter.
That means it has secured HK$76.1 billion of commitments as it races to complete the deal with more than 50 banks by the end of the month, when a covenant waiver on its existing facilities expires. The latest tally marks continued progress for the distressed Hong Kong builder. As of May 30, New World had secured written commitments from over 20 banks for 60% of the total target, Bloomberg reported.
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