DFCC Bank and Maldives’ Cyprea partner to...
DFCC Bank PLC recently entered into a breakthrough partnership with one of the oldest and most established corporate entities in the Maldives, Cyprea Group of Companies, for a dualtranche bilateral term loan, together with trade finance and guarantee facility.
This landmark transaction is the single largest bilateral deal arranged by DFCC Bank to date.
The new term loan was structured by DFCC Bank to refinance the existing term borrowings and meet the key capital investments and related expenses of Cyprea Group. The trade and guarantee facilities were structured to support Cyprea Group’s thriving energy and travel businesses.
Since commencing operations in 1978, Cyprea Group has grown to become one of the largest and most respected corporate names in the Maldives. Today, Cyprea Group’s interests have diversified into many areas including travel and tourism, marine foods, energy, logistics and engineering.
DFCC Bank Director and CEO Lakshman Silva commented, “DFCC Bank is delighted to support and partner Cyprea Group in structuring and arranging this dual-tranche term loan, trade and guarantee facility. This transaction clearly demonstrates DFCC Bank’s capabilities in managing crossborder financing transactions. DFCC Bank continues to be a dominant force in Sri Lanka and this transaction stands as a further testament to our ability in closing large transactions and our strong and continued commitment to our stakeholders. Cross-border financing and key international connectivity will be key focus areas of the bank’s growth strategy.”
DFCC Bank Senior Vice President and Corporate Banking Head Shamindra Marcelline stated, “This landmark transaction is the largest ever bilateral loan facility of the bank and clearly marks another significant achievement, especially given the significant challenges prevailing in the local and global financial markets. This transaction amply demonstrates the confidence placed by the bank in Cyprea Group’s strong credit story.”