Friday, December 10, 2010

Genting SP

Genting SP: Seeking to refinance $4.2b of loans, a $3.5b term loan and remainder revolving credit facility, used in building RWS. The term loan will pay initial interest at SOR+1.6% for 3 mths and then based on SOR +1.2-1.6%. Rate of 1.2% above SOR will depend on Genting’s debt-to-EBITDA ratio falling below 2.5x. Banks involved are Tokyo-Mitsubishi, DBS, HSBC, OCBC and Sumitomo Mitsui. While not published, for last quarter, net debt-EBITDA is approx 2.1x.

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