Hong Kong-based cruise operator, Genting Hong Kong, has completed a sale and leaseback transaction with four Chinese leasing companies to raise US$900m. The deal was made on the company’s Genting Dream, a 2016-built, 150,000 GT cruise vessel.
Described by Genting as a milestone for all parties the first ever sale and leaseback transaction was closed with a consortium of four Chinese leasing companies through their special purpose vehicles indirectly wholly-owned by Bank of Communications Financial Leasing, CMB Financial Leasing, CCB Financial Leasing, and China Development Bank Financial Leasing. Part of the funds raised have been used for repayment of the outstanding balance of around US$502m owed for 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.”
Source:hongkongmaritimehub
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