New World Closes Record $11.2 Billion Loan Refinancing Deal

Distressed Hong Kong builder New World Development Co. has closed a HK$88.2 billion ($11.2 billion) loan refinancing deal, formally concluding months of negotiations with banks for the largest-ever such borrowing in the city.

The company successfully refinanced certain of its existing offshore unsecured financial indebtedness, including bank loans, through a new refinancing term loan facility, it said in a filing to the Hong Kong stock exchange Monday. The developer also said it aligned its other existing offshore unsecured bank loans with the terms of the new refinancing loan.