Source : The Business Times, April 24, 2008
Resorts World at Sentosa (RWS) announced on Thursday that it has completed the syndication of $4 billion credit facilities for its integrated resort development, closing one of the largest loans ever successfully undertaken in Singapore.
The borrowings were made at an interest rate of 175 basis points above Singapore Swap Offer Rate. The tenure of the loan extends to 2015.
A total of 10 banks participated in the syndication, jointly underwritten and bookrun by five original mandated lead arrangers: DBS Bank, Oversea-Chinese Banking Corporation, The Hongkong and Shanghai Banking Corporation, The Royal Bank of Scotland plc and Sumitomo Mitsui Banking Corporation.
The expanded mandated lead arrangers include Malayan Banking Berhad, The Bank of Tokyo-Mitsubishi UFJ, Singapore Branch, Bangkok Bank Public Company, Singapore Branch, CIMB Bank Berhad, Singapore branch, BNPP Singapore branch, Calyon, Commerzbank AG, Singapore branch and National Australian Bank Limited, Singapore branch. The Singapore branches of DZ BANK AG Deutsche Zentral-Genossenschaftsbank, and JP Morgan Chase Bank, N.A, joined as arrangers.
The credit facilities will fund two-thirds of the integrated resort's $6 billion project cost, with the remaining to be paid through equity raised through a successful rights issue in 2007 by RWS's parent company, Genting International Public Limited Company. -- BT newsroom
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