DESPITE volatile global credit markets, another giant syndicated loan deal has been completed in Singapore.
The deal is a $5.25 billion credit facility to finance the construction of the Marina Bay Sands integrated resort (IR).
It follows Genting International's success earlier this month in lining up funding of $4.19 billion for much of the building of its Sentosa IR.
Las Vegas Sands Corp's senior vice-president for finance, Mr Scott Henry, was in town yesterday for the announcement of the Marina Bay Sands deal, allowing him to meet executives from the participating banks.
More than 30 banks, including Goldman Sachs, Standard Chartered Bank, Lehman Brothers Finance Asia and the three local banks, are involved as coordinators of the financing.
The credit facility is the largest private Singapore dollar-denominated financing ever completed.
Mr Henry said the completion of the credit facility underscores both the attractiveness of the Singapore market, and the enthusiasm and confidence the financial community has in the success of the IR.
Participating banks said the response to the credit facility had been encouraging, especially in the light of the turmoil in credit markets.
'This demonstrates the participating banks' confidence in Singapore and the Marina Bay Sands project,' said Mr Elbert Pattijn, the head of specialised corporate and investment banking at DBS Group Holdings.
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