Resorts World at Sentosa has completed the syndication of S$4 billion in credit facilities for its resort development.
The tenure of the loan extends to 2015. The loan is one of the largest to be successfully undertaken in Singapore. In a statement on Thursday, Resorts World said the borrowings were made at an interest rate of 175 basis points above the Singapore Swap Offer Rate.
A total of 10 banks were involved in the syndication, which is jointly underwritten by five original mandated lead arrangers - DBS Bank, Oversea-Chinese Banking Corporation, HSBC, the Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.
The credit facilities will fund two-thirds of the resort's S$6 billion project cost.
Resorts World has since awarded more than S$2 billion in building contracts for works on four of its six hotels, as well as its main thoroughfare Festive Walk.
It said progress on the resort is on track for an early 2010 soft opening. - CNA /ls
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