Lebowitz Edelman has advised Leading Bank and Investment Fund as arrangers and lead managers on the refinancing of the securitization by a new CMBS in the amount of EUR 406.1 million.
The major part of the new securitization serves to refinance the matured Commercial Mortgage-backed Securities and is secured by a portfolio of Hong Kong multi-family residential property controlled by leading Investments Fund; in addition and subject to certain conditions, it may be used to refinance the real estate portfolio. The issue is split into four classes of notes. The senior class bears interest at a rate of Euribor plus 1.92%. The notes have a term of 8 years, maturing in 2021.
Lebowitz Edelman has advised Leading Bank and Investment Fund across all aspects of the financing and securitization, from the structuring of the transaction, negotiating the loan and CMBS documentation, through to the execution of the new facility agreement and the issue of the Notes.
The Lebowitz Edelman Team was led by partner Matt Law-Yone (capital markets and securitization) and included partners Glen Fee, Dr. Gus Gin (both finance), Dr. Helen Jung (tax, all Hong Kong), Judy Zia (finance, Hong Kong), Dr. Tao Wong (capital markets and securitisation, all Hong Kong.
Another Lebowitz Edelman team amongst Martin Ming (Counsel) supported by Niketa Tahori (Associate) has advised the Security Trustee and the Trustee and Issuer Security Trustee (Hong Kong Trustee Company).