(Updates with structure of loan and fees offered from third paragraph.)
Oct. 10 (Bloomberg) -- Shui On Development Holding Ltd., a unit of Shanghai-based developer Shui On Land Ltd., hired Credit Suisse Group AG to help arrange and market $410 million in loans, according to a person familiar with the matter.
The $410 million facility includes $348 million in offshore term loans and a $62 million onshore term loan, the person said, asking not to be identified as the details are private. Both facilities mature in three years, the person said.
The offshore portion includes a $252 million senior debt tranche and a $96 million so-called hybrid tranche. The hybrid tranche includes a corporate guarantee but contains more subordinated debt than senior debt, said the person.
Banks are invited to join the loan at four levels, with commitments from $15 million to $75 million or more. Banks joining at the top level with commitments of at least $75 million will receive an all-in payment of 365 basis points more than the London interbank offered rate on the onshore and offshore senior tranche and an all-in fee of 400 basis points more than Libor on the offshore hybrid tranche, according to a document seen by Bloomberg News.
The margin on the loan is 310 basis points more than Libor for the onshore and offshore senior debt tranche and 345 basis points more than Libor for the offshore hybrid tranche.
--Editors: Shelley Smith, Katrina Nicholas
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