Henderson Land Development is likely to boost the size of a syndicated loan it plans to take out by 60% to HK$8bn in the face of strong demand from lenders, two banking sources said.

The three-year loan, slated to close this week, will be a 'club deal' organised by the borrower, and at least 25 banks will join the transaction, according to one of the sources.

The developer originally hoped to raise HK$5bn in a syndicated loan by inviting more than 40 banks to join the fund-raising. It is paying an all-in fee of 125 basis points above the Hong Kong interbank offered rate (Hibor), according to the sources.

South China Morning Post