JP Morgan Finalizing ~HKD 8B, 13-15%, 3-4Y Loan to Refinance The Corniche Loan Due August, Lenders Include Logan, KWG USD Noteholders; Ares in Final Stages of Buying Majority of Due August Loan in Secondary at 95 Cents on the Dollar 

A group of lenders, including certain USD noteholders of Logan Group and KWG Group Holdings, have pulled together enough funding for an around HKD 8 billion ($1.025 billion), 13%-15%, three- to four-year loan to refinance the existing project loan backed by The Corniche due Aug. 25, 2024, according to four sources familiar with the matter. Lenders of the proposed new loan include certain USD bondholders of both Logan and KWG, as well as certain private credit funds, two of the sources said. Currently, major lenders are negotiating on their allocations to the facility, according to three of the people, adding that the terms are not final and subject to change. The J.P. Morgan loan has attracted attention from private credit lenders as it represents an opportunity to put capital to work at a decent price by lending against a good quality asset, sources noted. The Corniche is a luxury residential development in Hong Kong’s Ap Lei Chau district, co-developed by KWG and Logan Group on a 50:50 basis. The originally HKD 10.2 billion three-year syndicated loan due August 25 was borrowed by Unicorn Bay (Hong Kong) Investments Ltd., a joint venture between the duo. Original lender banks include Bank of[...]