Corp News

Maybank in US$1.15 billion Hong Kong & Philippine deals

23 November 2012

4 min read

Maybank Group today successfully closed two regional syndication and a bilateral loan facilities totaling US$1.15 billion in Manila for Genting Hong Kong Limited ("Genting HK")and its affiliate, Travellers International Hotel Group Inc ("Travellers") which are the developers of the Resorts World project in Manila. This is the one of largest financings arranged by Maybank Group in the Philippines.

The deals comprise a US$600 million Vessel Finance Facility and US$300 million Loan Facility for Genting HK as well as a US$250 million Term Loan for Travellers. The 7-year US$600 million Vessel Finance Facility is made up of a Term Loan of US$400 million and Revolving Credit of US$200 million. It is syndicated to a consortium of eight banks, both Malaysian and international. The facility, for refinancing and general corporate purposes, was well received with a subscription rate of 1.45 times.

The 3-year US$300 million Loan Facility meanwhile comprises a US$100 million Term Loan and US$200 million Revolving Credit for Genting HK’s general corporate purposes. The 7-year US$250 million Term Loan for Travellers is jointly funded by Maybank International Labuan and Maybank Philippines. The loan facility will be used for the expansion of Resorts World Manila located across the Ninoy Aquino International Airport Terminal III in Pasay City, Manila.

Abdul Farid Alias, Deputy President and Head of Global Wholesale Banking in Maybank, said this major deal was a testimony to the capability of a Malaysian-based bank in arranging large cross-border deals involving international banks and clients.

“The appetite for good South East Asian syndications reflects international investors’ confidence in the continued sound future growth prospects of the region,” he said.

“We have been able to leverage on the strong regional footprint of Maybank Group to lead manage this syndication, drawing major international financial and Malaysian institutions to participate,” he added. “The strong response we have seen is also a reflection of their confidence in the Genting Group, which is a well known brand not only in Malaysia but internationally.”