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KWG, Logan Near Private Refinancing Deal on $1.3bn Loan
August 5, 2024
KWG and Logan have nearly struck a private loan to refinance an HKD 1.2bn ($1.3bn) loan facility that had backed the development of the luxury property, The Corniche in Hong Kong, as per sources. The sources added that the loan will likely be signed with a group of investors and bondholders as early as this week. The new private deal, has a tenor of 30 months and two six-month extension options, with investors targeting a 13% annualized yield as per the sources. Meanwhile, SCMP notes that investment manager Ares Management has made a proposal to some banks to buy out the original loan backing The Corniche, at a 5% discount. The Corniche is important as Logan said in January that it the revenues from it were helpful in paying its creditors. Therefore, defaulting on the loan could see creditors seizing the project and potentially putting the company’s restructuring plan in jeopardy.
Both KWG and Logan’s dollar bonds are trading at distressed levels of 6-8 cents on the dollar.
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