Jan. 10, 2007 (China Knowledge) – Victory City International Holdings, a knitted fabric producer, has hired HSBC to help arrange a term loan to raise HK$1 billion for refinancing and working capital.

The company will pay interest about 50 to 60 basis points over HIBOR - the Hong Kong interbank offered rate - for the loan facility, with the intention to use the loan proceeds to refinance the syndicated loan in 2004 and for general working capital. Victory City had in December 2004 signed a 4.5-year term loan agreement to raise HK$688 million.

HSBC will reportedly invite other banks to participate in the syndication in the next few weeks.

For the six months to September 2006, the company registered a 28% growth in net profit to HK$156 million. Its turnover also rose 28% to HK$1.82 billion during the same period.