Resorts World Gets The $4b Loan It Needs Tto develop IR

Source : TODAY, Friday, April 25, 2008

Resorts World has completed the syndication of $4 billion in credit facilities to develop its integrated resort with casino on Sentosa.

The loan, one of the largest taken in Singapore, was made at an interest rate of 1.75 per cent above the Singapore swap offer rate. The tenure of the loan extends to 2015. Ten banks participated in the syndication, jointly underwritten by five lead arrangers: DBS Bank, OCBC, Hongkong and Shanghai Banking Corp, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp.

The syndicated loan will fund two-thirds of the resort’s $6-billion project cost, with the remainder to be financed by equity from a rights issue last year by Resorts World’s parent company, Genting International.

More than $2 billion in building contracts have been awarded for four of the resort’s six hotels and its main thoroughfare, Resorts World said. The project, which will house South-east Asia’s first and only Universal Studios theme park and the world’s largest oceanarium, is expected to be completed in early 2010.