A consortium of private credit and private equity firms including Davidson Kempner Capital Management and RRJ Capital have provided a $1bn private loan to Logan Group Co to allow the distressed Chinese property developer to refinance an exisiting credit facility, according to a report by Bloomberg.
The loan, which was arranged by JPMorgan Chase & Co, and finalised late Saturday, is a joint arrangement with KWG Group Holdings, and will be used to refinance an original HKD10.2bn ($1.3bn) due to mature on 25 August, according to Bloomberg data.
Davidson Kempner Capital Management and Dignari Capital Partners HK each contributed $250m, while RRJ Capital and Deutsche Bank AG provided $200m each. Pacific Investment Management Co contributed $150m.
The new loan facility carries an annualised yield of 13%, a term of 30 months, and includes two six-month extension options.
Source: Private Equity Wire
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