Genting unit completes financing syndication

SINGAPORE: Resorts World at Sentosa (RWS) has completed the syndication of S$4bil credit facilities for its integrated resort development, closing one of the largest loans ever undertaken in Singapore.

The borrowings were made at an interest rate of 175 basis points above the Singapore Swap Offer Rate and the tenure of the loan extended to 2015, the company said in a statement.

Ten banks participated in the syndication, jointly underwritten and book run by five original mandated lead arrangers – DBS Bank Ltd, Oversea-Chinese Banking Corp Ltd, The Hongkong and Shanghai Banking Corp Ltd, The Royal Bank of Scotland Plc and Sumitomo Mitsui Banking Corp.

The credit facilities would fund two-thirds of the integrated resorts S$6bil project cost, with the remaining to be paid through equity raised through a successful rights issue last year by RWS parent company, Genting Interna-tional Public Ltd Co, RWS said.

The company said it had obtained the credit facility on Feb 11 and the loan syndication was completed in about two months despite a very difficult global credit environment. – Bernama

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