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.

Allen and Overy represented Credit Suisse International and Morgan Stanley Asset Funding. Skadden, Arps, Slate, Meagher & Flom was the borrower's Japan counsel, while Allen and Gledhill was the borrower's Singapore counsel; Maples and Calder was the borrower's Cayman Islands counsel; and Zhonglun was the borrower's PRC counsel. King and Wood was the lender's PRC counsel. Troutman Sanders also advised on the deal.