Sony closes US headquarters sale, biggest in two years: Sources
NEW YORK (REUTERS) - Japan's Sony Corp on Friday completed the sale of its United States headquarters for US$1.1 billion (S$1.4 billion) to a group led by real estate developer the Chetrit Group, three sources familiar with the deal said.
SL Green Realty Corp initially provided the full US$925 million in loan financing for the deal for up to three years, depending on how long Sony remains a tenant in the building, one source said.
However, Bank of China Ltd stepped up and agreed to take US$600 million of the total debt financing in the form of a senior loan, the sources said.
Of the remaining US$325 million in debt financing, a US$175 million junior tranche was sold by SL Green to a Performing Debt Fund managed by Apollo Global Management LLC, one of the sources said. That amount can be increased to US$250 million, the three sources added.