Bank of China contributes to SGD 4.19 billion syndicated loan to Resorts World at Sentosa Pte. Ltd. for debt refinancing related to the Resorts World Sentosa construction project

Project narrative

On February 1, 2011, a group of 19 banks -- including Bank of China -- signed a SGD 4.19 billion syndicated loan agreement with Resorts World at Sentosa Pte. Ltd.. Proceeds from the facility will be used to refinance previous facilities obtained by the company in 2008 in connection with the construction, development, and operation of the Resorts World Sentosa integrated resort in Sentosa Island, Singapore. While information on the individual tranches is unknown, the facility consists of SGD 3.5 billion in term loans, SGD 500 million in revolving credit facilities, and SGD 192.5 million banker's guarantee. The facility attracted 19 banks, which joined at varying levels of commitments, with an initial interest rate of 160 basis points over the Singapore swap offer rate, which can shift with the company's debt-to-equity ratio. Mandated lead arrangers, including BTMU, DBS Bank, HSBC, OCBC, SMBC, Maybank, Commerzbank, and UBS, could join on tickets of SGD 250 million or higher. Lead arrangers, including Bangkok Bank, CIMB, and Credit Agricole, could join on tickets between SGD 200 million and SGD 249 million. Arrangers, including Scotiabank, National Australia Bank, Bank of East Asia, BNP Paribas, Hong Leong Finance, Citibank, RHB Bank, and Bank of China, could join on tickets between SGD 160 million and SGD 199 million. Resorts World Sentosa opened in February 2010 on Singapore's Sentosa Island, off the city-state's southern coast. The integrated resort includes a casino, Universal Studios Singapore, a waterpark, an aquarium, and a multitude of hotels and other attractions.