Genting Hong Kong Raises USD 900 Mn to Refinance Genting Dream
- Business & Finance
Cruise operator Genting Hong Kong has raised USD 900 million through a sale and leaseback transaction of one of Dream Cruises’ ships – the 2016-built, 150,000 gross ton Genting Dream.
The sale and leaseback deal was closed with a consortium of four Chinese leasing companies, through their special purpose vehicles indirectly wholly-owned by Bank of Communications Financial Leasing Co., CMB Financial Leasing Co., CCB Financial Leasing Corporation Limited and China Development Bank Financial Leasing Co. DNB Markets acted as advisor to Genting Hong Kong.
The company said that a part of the funds received was used for repayment of the outstanding balance of approximately USD 502 million in respect of the existing bank loan for the Genting Dream.
“We are very appreciative of the consortium for supporting Genting Hong Kong in the refinancing of Genting Dream which allows a longer repayment period with a balloon payment at the end of 12 years,” said Tan Sri Lim Kok Thay, Chairman and Chief Executive of Genting Hong Kong.
“With the completion of this transaction, the group is now focusing on launching new summer itineraries for Dream Cruises which will showcase the best of Southeast Asia with exciting new destinations including Christmas Island and Belitung in addition to popular destinations such as Palawan and Kota Kinabalu. As well, we are looking forward to the highly anticipated debuts of Crystal Endeavor in August this year and of Global Dream in 2021.”
In just over three years of operation, Dream Cruises has grown its fleet to three ships: Genting Dream, World Dream and Explorer Dream.