SHANGHAI FACILITY REFINANCED

New City Corporation has completed the US$120 million refinancing of Shanghai's Wai Gao Qiao Bonded Logistics Park Phase II. The real estate developer purchased the bonded logistics and warehousing facility for US$200 million.

The refinancing included the novation of a mortgage loan and a USD-RMB cross currency interest rate swap agreement, in which Credit Suisse International took the place of Morgan Stanley Asset Funding and Morgan Stanley Capital Services as lender and swap counterparties in the transaction.