Shanghai Pudong Development Bank contributes SGD 15 million to Facility D of syndicated multi-tranche lending facility to Marina Bay Sands Pte. Ltd. to finance the MBS Expansion Project (linked to Record ID#98871, #98872, #97728, #97729, #97736)

Project narrative

On August 30, 2019, a group of banks -- including Bank of China, ICBC, Shanghai Pudong Development Bank, and BoComm -- came to terms with Marina Bay Sands Pte. Ltd. on a SGD 8,671,050,000 syndicated multi-tranche loan facility. Tranches A and B mark amendment and extension agreements on Marina Bay Sands Pte. Ltd.’s previous 2012 SGD 5.1 billion syndicated loan facility (captured via Record ID#97726) to finance the original construction of Singapore’s Marina Bay Sands hotel and casino. Tranche D is to fund the construction of a fourth tower at the Marina Bay Sands Resort in Singapore as part of the MBS Expansion Project. The facility consists of four tranches: Facility A: a SGD 4.17105 billion term loan to which 21 banks contributed. This tranche extends the maturity of MBS’ previous 2012 facility (captured via Record ID#97726) by seven years, to August 31, 2026. Bank of China is recorded as having contributed SGD 122,463,706.38 to extended Facility A. This debt rescheduling is captured via Record ID#98871. Other participants in Facility A (with their contributions) include: DBS Bank Ltd. (SGD 660,171,576.95), United Overseas Bank Limited (SGD 822,510,301.75), Malayan Banking Berhad, Singapore Branch (SGD 496,934,595.38), Oversea-Chinese Banking Corporation Limited (SGD 709,166,551.75), Standard Chartered Bank (Singapore) Limited (SGD 294,851,120.07), Sumitomo Mitsui Banking Corporation, Singapore Branch (SGD 197,776,413.69), CIMB Bank Berhad, Singapore Branch (SGD 168,041,009.15), Hong Leong Finance Limited (SGD 171,406,224.88), Mizuho Bank, Ltd. (SGD 122,411,250.00), The Bank of East Asia, Limited, Singapore Branch (SGD 87,048,000.00), Bank of America, N.A. (SGD 87,048,000.00), RHB Bank Berhad (SGD 78,887,250.00), Chang Hwa Commercial Bank, Ltd., Singapore Branch (SGD 21,762,000.00), Land Bank of Taiwan, Singapore Branch (SGD 21,762,000.00), BNP Paribas, acting through its Singapore branch (SGD 18,135,000.00), KEB Hana Bank Singapore Branch (SGD 18,135,000.00), Bank of Taiwan, Singapore Branch (SGD 18,135,000.00), First Commercial Bank, Ltd., Singapore Branch (SGD 18,135,000.00), Hua Nan Commercial Bank, Ltd., Singapore Branch (SGD 18,135,000.00), and Mega International Commercial Bank Co., Ltd., Singapore Branch (SGD 18,135,000.00). Facility B: a SGD 750 million revolving credit facility to which 10 banks contributed. This tranche extends the maturity of MBS’ revolving credit facility from a previous 2012 facility (captured via Record ID#97726) by seven years, to August 31, 2026, while simultaneously increasing commitments to the facility by SGD 250 million. Bank of China is recorded as having contributed SGD 14,942,149.00 to the extended and amended Facility B. This debt rescheduling is captured via Record ID#98872. Other participants in Facility B (with their contributions) include: DBS Bank Ltd. (SGD 152,652,893.00), United Overseas Bank Limited (SGD 152,652,893.00), Malayan Banking Berhad, Singapore Branch (SGD 137,710,744.00), Oversea-Chinese Banking Corporation Limited (SGD 152,652,893.00), Standard Chartered Bank (Singapore) Limited (SGD 44,826,446.00), Sumitomo Mitsui Banking Corporation, Singapore Branch (SGD 29,884,297.00), CIMB Bank Berhad, Singapore Branch (SGD 18,677,685.00), Chang Hwa Commercial Bank, Ltd., Singapore Branch (SGD 12,000,000.00), and Barclays Bank PLC, Singapore Branch (SGD 34,000,000). Facility C: an unspecified tranche that appears to be the exercise of an option on a previous loan facility to Marina Bay Sands Pte. Ltd. Facility D: a SGD 3.750 billion term loan to which 32 banks contributed. Bank of China contributed SGD 200,000,000.00 to Facility D. ICBC contributed SGD 115,000,000.00 to Facility D. Shanghai Pudong Development Bank contributed SGD 15,000,000.00 to Facility D. Bank of Communications contributed SGD 11,000,000.00 to Facility D. Bank of China’s contribution is captured via Record ID#97728. ICBC’s contribution is captured via Record ID#97729. Shanghai Pudong Development Bank’s contribution is captured via Record ID#97735. Bank of Communications contribution is captured via Record ID#97736. Other participants in Facility D (with their contributions) include: DBS Bank Ltd. (SGD 537,000,000.00), United Overseas Bank Limited (SGD 520,000,000.00), Malayan Banking Berhad, Singapore Branch (SGD 500,000,000.00), Oversea-Chinese Banking Corporation Limited (SGD 500,000,000.00), Mizuho Bank, Ltd. (SGD 180,000,000.00), Sumitomo Mitsui Banking Corporation, Singapore Branch (SGD 180,000,000.00), Bank of America, N.A. (SGD 125,000,000.00), BNP Paribas, acting through its Singapore branch (SGD 125,000,000.00), Deutsche Bank AG, Singapore Branch (SGD 125,000,000.00), Standard Chartered Bank (Singapore) Limited (SGD 125,000,000.00), MUFG Bank, Ltd. (SGD 120,000,000.00), BNS Asia Limited (SGD 100,000,000.00), Hong Leong Finance Limited (SGD 60,000,000.00), CIMB Bank Berhad, Singapore Branch (SGD 50,000,000.00), RHB Bank Berhad (SGD 35,000,000.00), The Bank of East Asia, Limited, Singapore Branch (SGD 35,000,000.00), CTBC Bank Co., Ltd. (SGD 15,000,000.00), Bangkok Bank Public Company Limited, Singapore Branch (SGD 12,000,000.00), Crédit Industriel et Commercial, Singapore Branch (SGD 12,000,000.00), Chang Hwa Commercial Bank, Ltd., Singapore Branch (SGD 8,000,000.00), E. Sun Commercial Bank, Ltd., Singapore Branch (SGD 8,000,000.00), The Korea Development Bank, Singapore Branch (SGD 7,000,000.00), Bank of Taiwan, Singapore Branch (SGD 5,000,000.00), Hua Nan Commercial Bank, Ltd., Singapore Branch (SGD 5,000,000.00), KEB Hana Bank Singapore Branch (SGD 5,000,000.00), Land Bank of Taiwan, Singapore Branch (SGD 5,000,000.00), Mega International Commercial Bank Co., Ltd., Singapore Branch (SGD 5,000,000.00), The Shanghai Commercial & Savings Bank, Ltd. Singapore Branch (SGD 5,000,000.00). All four tranches hold maturities of seven years, with expected maturation dates of August 31, 2026. The tranches "bear interest at the Singapore Swap Offered Rate (“SOR”) plus an applicable margin that is fixed at 1.65% per annum until September 30, 2020, and will range from 1.15% to 1.85% per annum thereafter, based on MBS’s consolidated leverage ratio (interest rate set at approximately 2.31% as of December 31, 2021)." The funds from the term loan will be available to MBS until December 30, 2024. The funds will be used to construct a fourth tower at the Marina Bay Sands Resort, "which includes a 15,000-seat arena, a luxury hotel with 1,000 rooms and additional meeting, incentive, convention, and exhibition space, and will help the hotel operator expand its non-casino revenue sources." As of June 2023, construction has been delayed and is not expected to start until April 2024 at the earliest. The deal represents a modification of a previous 2018 agreement (which Chinese banks did not participate in). DBS Bank, United Overseas Bank, Maybank, OCBC, Bank of China, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Bank of America, BNP Paribas, Deutsche Bank, Standard Chartered Bank, MUFG Bank, ICBC, and BNS Asia served as the mandated lead arrangers for the facility. On February 9, 2022, the Borrower and the lenders entered into the 4th Amendment in which the parties changed certain definitions of the original agreement. As of this date, the principal amount outstanding for Facility A loans is SGD 3,983,352,750; the principal amount outstanding for Facility B loans is SGD 156,997,000; the principal amount outstanding for Facility D loans is SGD 4,202,649,750.