Appleby advises banks on secured syndicated term loan and credit facility

Appleby has acted as British Virgin Islands (BVI) counsel to mandated lead arrangers (MLAs) and bookrunners in providing a HKD1.8bn (£140m) secured syndicated term loan and revolving credit facility to Fortune Real Estate Investment Trust (Fortune REIT) involving a BVI borrower and several BVI security providers.

The MLAs and bookrunners included Australia and New Zealand Banking Group, Crédit Agricole Corporate and Investment Bank, the Hongkong and Shanghai Banking Corporation and Sumitomo Mitsui Banking Corporation.

This new facility will be used to partly repay an existing facility made available to Fortune REIT in 2012, on which Appleby also advised, and to finance the corporate funding requirements of Fortune REIT.

The Appleby team was led by Jeffrey Kirk, a banking partner in Appleby’s Hong Kong office, who was assisted by senior associate Rupen Shah. Allen & Overy Hong Kong acted as onshore counsel to the MLAs.

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