JP Mogran, HSBC and Merill Lynch offer bridge loan to Singapore's OCBC
Singapore’s OCBC previously offered acquiring Wing Hang Bank in Hong Kong. According to a Reuters report citing sources familiar with the matter, three banks have confirmed underwriting a bridge loan to Overseas-Chinese Banking Corp Ltd (OCBC). Sources said that the bridge loan was valued USD4.95 billion.
The three banks involved in the bridge loan included JP Morgan, HSBC and Merrill Lynch (BofA), reported Reuters. These banks have shared equal loan underwriting and would last tenor of12 months.
According to the report, the size of the loan is as big as the acquisition offer for Wing Hang. The acquisition would be paid in cash. The move of the three banks offering the loan showed that lenders in the region had been hungry to support finances of big purchases and asset bookings.
The three banks mentioned declined to commenton the report. Meanwhile OCBC did not return call for a statement regarding the bridge loan.