Genting inks $1.1-B loans to fund Phl projects

MANILA, Philippines - Genting Hong Kong Ltd. signed Friday $1.1 billion worth of loans with a number of foreign banks to pay up some of its maturing obligations and fund its aggressive refleeting and real estate expansion program in the Philippines.

At the signing ceremony held at the Genting Club in Resorts World, Genting inked $600 million in seven-year senior secured vessel term loan and revolving credit facility.

It also signed a $300-million three-year term loan and revolving credit facility loan.

Another $250 million was signed with Maybank of Malaysia and Travellers International, a member of the Genting Group.

The bilateral term loan facility is jointly funded by Maybank International Labuan Ltd. (MILL) and Maybank Philippines Inc. (MPI).

Some $15 million of the $250-million loan was booked at Maybank Philippines, bank president Herminio Famatigan Jr. said.

He said this term loan facility is a testament to the strong relationship and support of the Maybank Group to Travellers International, as they commence new expansion projects in Resorts World Manila, the first one-stop, non-stop tourism destination for lifestyle and leisure activities in the Philippines.

For his part, Tan Sri Lim Kok Thay, Genting chairman and CEO, said they expect the construction of the new facilities of the group to commence next year and would be completed in three years.

He said it is also an opportune time for the group to undertake the refinancing exercise in view of the current market conditions and the availability of bank funding at attractive pricing and terms.

Net proceeds from the facility will be used to pay down existing debts and for corporate purposes.

“We are pleased to have this opportunity to work with our key banks which have a sound understanding of our company and have shown consistent support over the years,” he said.

The mandated lead arrangers for the vessel facility are DnB Bank ASA (Singapore Branch). Hongkong and Shanghai Banking Corp. Ltd., Maybank Investment Bank Berhad, Overseas-Chinese Banking Corp. Ltd., RHB Bank Bhd.

Lead arrangers are Bank of America, Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corp., Malaysia Bhd.

For the loan facility, the mandated lead arrangers are BA, CIMB Bank Berhad, Labuan Offshore Branch and Malayan Banking Bhd.