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Posted April 24, 2008

SINGAPORE, April 24 (Bernama) -- Resorts World at Sentosa (RWS) announced Thursday that it has completed the syndication of S$4 billion 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 Thursday.A total of 10 banks participated in the syndication, jointly underwritten and book run by five original mandated lead arrangers -- DBS Bank Ltd, Oversea-Chinese Banking Corporation Ltd, The Hongkong and Shanghai Banking Corporation Ltd, The Royal Bank of Scotland Plc and Sumitomo Mitsui Banking Corporation.

The expanded mandated lead arrangers included Malayan Banking Bhd, the Singapore branches of The Bank of Tokyo-Mitsubishi UFJ, Ltd, Bangkok Bank Public Co Ltd, CIMB Bank Bhd, BNPP, Commerzbank AG, National Australian Bank Ltd, and Calyon.

The Singapore-based DZ Bank AG Deutsche Zentral-Genossenschaftsbank and JP Morgan Chase Bank, NA, joined as arrangers.The credit facilities would fund two-thirds of the integrated resorts S$6 billion project cost, with the remaining to be paid through equity raised through a successful rights issue last year by RWS parent company, Genting International Public Ltd Co, RWS said.

The company said that 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.RWS chief executive Tan Hee Teck said its partner banks had shown confidence in RWS management and its business model of a family entertainment destination.RWS, which is scheduled for an early 2010 soft opening, has so far awarded more than S$2 billion in hotel building contracts.
-- BERNAMA