Parkson Retail Group Ltd has received two commitments to increase a loan taken out in 2010 to US$400 million from US$250 million, said a person familiar with the matter.
The loan is likely to be oversubscribed and the borrower is targeting to sign the increased facility on Nov. 24, said the person who asked not to be identified because the details are private. The two commitments come from existing lenders on the original facility, said the person.
The parent company, Parkson Holdings Bhd, operates department stores in China, Vietnam and Malaysia. Parkson Retail is seeking an increase by US$150 million on the US$250 million loan maturing in 2013, people with direct knowledge of the deal said on Oct 13.
DBS Bank Ltd, JPMorgan Chase & Co, Malayan Banking Bhd, Natixis and Standard Chartered Plc are arranging the facility, the people said.
The additional portion of the loan pays a margin of 215 basis points over the London interbank offered rate and a so-called all-in rate, which includes fees, of 250 basis points, for commitments of US$20 million or more, according to the people who spoke in Oct. The original US$250 million loan signed in November 2010 pays a margin of 215 basis points over Libor and an all-in rate of around 240 basis points, said the person with knowledge of the deal. -- Bloomberg
The loan is likely to be oversubscribed and the borrower is targeting to sign the increased facility on Nov. 24, said the person who asked not to be identified because the details are private. The two commitments come from existing lenders on the original facility, said the person.
The parent company, Parkson Holdings Bhd, operates department stores in China, Vietnam and Malaysia. Parkson Retail is seeking an increase by US$150 million on the US$250 million loan maturing in 2013, people with direct knowledge of the deal said on Oct 13.
DBS Bank Ltd, JPMorgan Chase & Co, Malayan Banking Bhd, Natixis and Standard Chartered Plc are arranging the facility, the people said.
The additional portion of the loan pays a margin of 215 basis points over the London interbank offered rate and a so-called all-in rate, which includes fees, of 250 basis points, for commitments of US$20 million or more, according to the people who spoke in Oct. The original US$250 million loan signed in November 2010 pays a margin of 215 basis points over Libor and an all-in rate of around 240 basis points, said the person with knowledge of the deal. -- Bloomberg
