NTB structures US$ 33.5mn syndicated loan for Maldivian resort project
Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited.
The syndicate loan was structured and arranged by NTB with NTB and DFCC Bank as funding participants. NTB will also act as the facility agent and security agent for the syndicate.
The facility was granted to finance a green-field 80-room, luxury resort in the Kaafu Atoll, Maldives, the construction of which will be undertaken by Sanken Overseas (Pvt) Limited, the overseas arm of the Sanken Group.
This would be the fourth investment by Sanken in the Maldives resort sector.
Speaking at the conclusion of the event, NTB Director/ceo Renuka Fernando said, “This is a landmark transaction by the bank for an important corporate banking client. It highlights our capabilities in project finance and structured banking and underscores a key part of our corporate banking strategy.
This transaction is also evidence of the confidence placed on Nations Trust Bank by a large Sri Lankan corporate operating internationally, to arrange their complex financing requirements.”
Sanken Overseas (Pvt) Limited Executive Director Mevan Gunatilleke appreciated NTB for being a key banking partner in driving their overseas business expansion, which is a vital strategic objective for Sanken Group.
NTB is amongst the top 15 business establishments in Sri Lanka and its structured finance unit has made a strong impact in the loan syndication market over the past three years.