HONG KONG--Billionaire Li Ka-shing's Hutchison Port Holdings Trust (HCTPF) has secured a US$3.6 billion refinancing loan, according to people familiar with the matter.
The loan has three tranches, comprising a US$1 billion one-year loan, a US$1.6 billion three-year loan and a US$1 billion five-year loan.
The one-year tranche offers an interest rate of 0.6% over the London interbank offered rate, or Libor, while the three-year tranche offers 1.1% over Libor and the five-year tranche offers 1.4% over Libor, one of the people said.
The deal drew a strong response, with 17 banks participating, including Oversea-Chinese Banking Corp. Ltd., DBS Bank and Bank of China Ltd., one of the people said. Each bank lent US$211.7 million, the person added.
The signing of the loan, which will be used to refinance the firm's existing debt, took place Monday.
Hutchison Port Holdings declined to comment.
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