Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 28 January 2022 00:00 - - {{hitsCtrl.values.hits}}
Standard Chartered Sri Lanka has recently arranged a Senior Secured Syndicated Term Loan Facility amounting to a total of $ 225 million to Waterfront Properties Ltd., acting as the Sole Mandated Lead Arranger and Bookrunner.
The proceeds from the facility were used to refinance the existing $ 395 million facility provided to Waterfront Properties Ltd. in 2014 towards the development of Cinnamon Life, which is one of the largest mixed-used properties in Sri Lanka. Standard Chartered successfully syndicated the refinancing facility with the core group of existing lenders, which includes Hatton National Bank PLC, Commercial Bank of Ceylon PLC, HSBC, and National Development Bank PLC.
Waterfront Properties Ltd. is a fully owned subsidiary of John Keells Holdings PLC, Sri Lanka’s largest listed conglomerate, while its project Cinnamon Life is nearing completion with both the residential and commercial components of the project being finalised. The project consists of hotel, conference, office, residential apartment, retail and entertainment spaces spanning a total gross floor area of 4.5 million sq.ft. in the heart of Colombo.
Standard Chartered Sri Lanka Head of Local and International Corporates Tamani Dias said: “Despite the challenges faced by the ongoing pandemic, Standard Chartered remains committed to fulfilling the requirements of our clients, and this facility serves as a prime example of our dedication to service our customers in a timely manner.
“Further, this transaction is also an excellent demonstration of the seamless teamwork and collaboration across the bank’s multiple teams, including South Asia Financing Solutions, South Asia Commercial Real Estate, Client Coverage Sri Lanka, Credit, Legal, Loan Documentation Unit and Operations.”
The successful execution of the syndicated financing facility marks another key milestone in Standard Chartered’s relationship with John Keells Group while strengthening the core bank status. The transaction also marks Standard Chartered’s continued commitment to support corporate clients of Sri Lanka with bespoke financial solutions.
