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By
Reuters
Published
Jan 27, 2010
Reading time
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Esprit says strong response for HK$2.6 billion loan

By
Reuters
Published
Jan 27, 2010

HONG KONG, Jan 27 (Reuters) - Esprit Holdings (0330.HK) said it has received a strong response for a HK$2.6 billion ($335 million) five-year loan facility, with total commitments received equivalent to 2.5 times the original amount.

Esprit
Esprit flagship in Hong Kong

The Hong Kong fashion retailer said on Wednesday 27 January that commitments received from banks totalled HK$6.5 billion. The facility carried an interest rate of 0.65 percent per year over one-, two-, three- or six-month Hibor, and the proceeds would be used to finance the acquisition of the remaining stake in a China joint venture, it said.

Esprit said it had mandated Australia and New Zealand Banking Group Ltd (ANZ.AX), Bank of America Merrill Lynch (BAC.N), and 11 other banks as coordinating arrangers. In December last year, the fashion retailer said it was buying out its partner in a Chinese retail joint venture for HK$3.88 billion ($500 million) as part of a drive to expand in the world's third-largest economy. The deal will see Esprit take full control of the 10-year-old venture, while China Resources Enterprise (0291.HK), which is selling the stake, will focus on its core businesses, including food processing and distribution, supermarkets and beer production.

Shares of Esprit, which is due to announce its interim results on Feb. 3, were up 2.09 percent at HK$53.80 at the midday break on Wednesday 27 January.

(US$1=HK$7.77)

((Reporting by Donny Kwok; Editing by Chris Lewis))

(([email protected]; +852 2843 6470; Reuters Messaging: [email protected]))

((If you have a query or comment on this story, send an email to [email protected])) Keywords: ESPRIT/LOAN

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